Is the European Union on course to become the big loser in the global tech race?

Global analysts say that the United States and China are in a race to achieve the most advanced technological breakthroughs. The winner will likely dominate the global economy through the end of the century. Sometimes India and Japan are mentioned as third players in this fierce global competition. But the European Union is barely mentioned, if at all. Prof. Dr. Gunther Schnabl sheds a light on the reasons for Europe's poor tech perfomance.