European economy will not be globally competitive unless it completely changes. It requires France and Germany to come to realization that their economic models have failed and European politicians have to stop arrogantly thinking that EU is so much better than others that EU can wrestle on the global arena with hands tied-up against competitors with free hands and still win - it would be difficult fight even with untied hands!
It is desirable to create fair, socially-responsible yet motivating environment for economic subjects, ditch unnecessary bureaucracy, unnecessary barriers in the internal market (and use diversity of EU members states as advantage rather than hindrance), etc… Issues like taxation, operation costs and environmental standards demands should European politicians communicate and harmonize on the global scale so that EU is not disadvantaged by much higher values than others. We could see how Trump reacted on French taxation of US companies by threatening to set tariffs on French wine and German cars (probably thinks that nothing more valuable is exported from these countries to the USA).
And, of course, EU should also study how it happened that other global players have taken lead over EU and how win it back. A good example is the technological sector where European companies have completely resigned on this sector despite it is the key sector in the current economy and absolutely necessary for the development. Thus China with its state-owned company Huawei that originally only re-produced Western products has become the only company able to quickly and cheaply implement 5G technologies around the world - and the world has thus accept risks stemming from that. And guess what: Huawei research centres are not only in Asia but also across EU countries, so EU brain trust is used to support global competitor’s companies and interests! Another example is South Korea, a country of 50 million inhabitants, that is home to many world leading companies products of which citizens around the world use every day. What is EU home to? Wine and tourism?