With the European Union poised to consider some American economic ideas, Washington moves in what might be considered a European direction. If those holding the initiative have their way, we might even see the two Atlantic giants trade places, were it not for one huge American advantage.

In a recent and much-anticipated European Union report, The Future of Europe’s Competitiveness, former Italian prime minister and longtime European Central Bank President Mario Draghi notes that due to low and falling productivity, EU gross domestic product per capita has fallen from roughly 70% of the U.S. level in 1980 to 60% today. To turn things around, he calls for the EU to follow the U.S. model and, instead of focusing on older industries such as autos, focus on high-tech companies.