Ivailo Kalfin

This is what is not produced if these people are staying at home.

I mean, the loss in GDP growth.

This is what taxes that are not paid.

And this is social transfers that go to women, for example, in order to keep them at home.

400 billion, 2% of GDP.

Same figure is about 1% of GDP or about 100 billion for the needs, for the young people that are not in education or training.

So, I mean, the question is...

Isn't it better to invest this so that you increase the economy, especially in a situation where you have shortages on the labour market and you still have people that are, for whatever reason, are not on the... But just playing the devil's advocate, in America they have a more sink or swim attitude.

Yes, and we have to see where the growth in America comes from.

It's not because of their very frugal, I would say, compared to the European social model.

Both economies have two-thirds of the value created coming from services.

I mean, it's another issue why Europe is losing the industrial potential.

But the services in America grow much faster than in Europe.

Why?

Because you have all these gigantic tech companies that are investing lots of money, private money, into research, development, etc., etc.

So, I mean, if Europe tries to follow this model, then that means to create mega-European companies, to start relying very much on

private investments in research and tech, I'm not sure that we are going to catch up with Americans if we do that.

On the other hand, Europe is very attractive.

I mean, the fact that you can attract talents, you can attract people that are highly qualified and are happy to work in Europe comes not because of the salaries.

It comes because exactly of the social model, because they would come, but they would be interested what is the