> There would be no incentive to compete. Why not ? First of all there would be plenty of incentives for EU companies to compete with one another (and plenty o

> There would be no incentive to compete. Why not ? First of all there would be plenty of incentives for EU companies to compete with one another (and plenty of capital flowing to them as the European market is big enough), then there would be competition with US actors in the rest of the world. That's exactly how the Asian economic model has been built: Japan, Taiwan, South Korea all have used protectionism + export-based subsidies to create market leaders in all kind of domains (from car manufacturing to electronics and shipbuilding).