Europe has been hit by the worldwide economic crises, and many companies now focus on reducing their cost, lowering their cost structure to survive. A lot of this is true and right.

But we must be clear that Europe can never win the global cost competition. Europe can only win if it climbs up the ladder, higher up in the value chain.

Consequently, productivity is to be defined differently. No longer is it a question of amount of output, but it is a question of value of output, of quality of output. To put differently: If you want to play in “Haute cusine”, it is not about the size of the servings, but about the quality of the recipe.

Without reducing our standard of living, Europe cannot win the low-cost fast food battle, we can only win if we focus on the top. We need better recipes and we need better chefs. And not just in restaurants but in all job areas in every industry.

This is why we need to drive innovation and creativity.