New research published today by the Global Cities Initiative and Centre for London to underscore a landmark Conference, finds that despite the impact of recent economic crises, European cities maintain competitive advantages over new megacities in other parts of the world. However, as the world economy continues to evolve, Europe’s cities – those that are already established 'global cities' as well as those that seek to become more global – must come up with new ways to be more globally competitive.
The research in the paper, 'Europe’s Cities in a Global Economy', assesses recent trends in city-related performance, as measured in over 100 quantitative and perception-led studies. It identifies where the continent’s cities remain strong, which cities appear to be adapting to new global business demand and which factors are critical to the revitalization of Europe’s cities in the next phase of globalization.
The Global Cities Initiative and the Centre for London commissioned this research, which will be discussed with European city leaders at the London Conference 2013 today. City leaders from Moscow, Oslo, Poznan and Amsterdam, amongst others, will meet to discuss ways to increase the region’s global competitiveness at the third annual London Conference, which will open with an address by Lord Sebastian Coe.
“Cities have long been vital to trade, innovation, and the economic health of a given region. In today’s global economy, competition is fierce and the ability for metropolitan regions to be globally competitive is critical to their success,” said Emilio Saracho, J.P. Morgan's Deputy CEO of EMEA. “Europe’s cities must continue to re-orient, innovate and find ways to build global fluency. Today’s discussions will help us do just that.”
The majority of European cities have maintained important infrastructure, human capital and sustainability advantages over other global regions. Many of Europe’s mid-sized cities record healthy scores for entrepreneurship, multi-lingual talent, quality of life and regional connectivity that are not easily replicable elsewhere. European cities are also very well placed to serve new economic centers and emerging market firms as they increasingly make investments and expand into developed countries.