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Europe is searching for its place in the AI race—and it may lie in industry. While the first wave of AI has been dominated by consumer platforms, the next is moving into factories, supply chains, and critical infrastructure. This is where Europe—and Germany in particular—has deep roots, but also mounting pressure. Faced with rising energy costs, global competition, and slowing industrial momentum, can AI meaningfully boost productivity and resilience at scale? Where is it already delivering impact and where does it remain stuck in pilots? And how do you connect data, software, and physical systems to turn industrial AI from promise into performance?
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TechTranscript
00:00So what does it take to scale AI from experimentation to performance?
00:06To answer that, we have an exceptional group of leaders joining us today.
00:12So be ready to welcome Jen Holtinger from Volvo, Cedric Neike from Siemens, Sebastian Steinhauser from SAP, and Marjorie Janwitz
00:25from Mistral.
00:27And this session will be moderated by Jennifer Schenker, founder and editor-in-chief of The Innovator.
00:32So please give an energetic way welcome to this panel of speakers.
00:57Good morning. I'm Jennifer Schenker, editor-in-chief of The Innovator, a global publication that connects technology with business.
01:06And it is my pleasure to moderate this panel on rebuilding industry with AI, Europe's next advantage.
01:16I'm just going to take a minute to set the scene here.
01:20Europe enters this transformation from a position of structural dependence.
01:26Frontier AI models are almost exclusively produced in the U.S. and China.
01:31And Europe's supercomputing capacity relative to global leaders is in consistent decline.
01:38Yet this capacity is important to develop or even just use frontier AI models at scale.
01:46Following a call to action in the 2024 Draghi report, the European Commission has launched no fewer than 92 AI
01:57initiatives,
01:57spanning compute infrastructure, data governance, regulatory reform, research funding, and skills.
02:05But what Europe needs, argues the author of a recent report by the Future Society,
02:11is not a list of initiatives, but a coherent view of the stack,
02:17a clear understanding of which layers require European control for sovereignty to be meaningful,
02:23which can be safely sourced externally, and which leverage represent the leverage points
02:30where targeted investment generates outsized returns.
02:35One of those leverage points may lie in industry.
02:38While the first wave of AI has been dominated by consumer platforms,
02:43the next is moving into factories, supply chains, and critical infrastructure.
02:47This is where Europe, and Germany in particular, have deep roots, but also mounting pressure.
02:55Faced with rising energy costs, global competition, and slowing industrial momentum,
03:02can AI meaningfully boost productivity and resilience at scale?
03:08Where is it already delivering impact, and where does it remain stuck in pilots?
03:12And how do you connect data, software, and physical systems to turn industrial AI from promise into performance?
03:22So here today to discuss this with us are Marjorie Jenowitz, Chief Revenue Officer of Mistral,
03:29Sebastian Steinhauser, COO of SAP,
03:34Cedric Nekke, CTO of Siemens,
03:36and Jens Holtinger, CTO of Volvo.
03:40So let's go right into the conversation here, and I'm going to start with you, Marjorie.
03:46How can Europe leverage its industrial expertise and the industrial data it has amassed
03:53without giving the baby away with the bathwater, i.e. allow it to be used to train American LLMs,
04:02and how can Mistral help?
04:04Yeah, it's a fantastic question.
04:06I think so much IP and data has been built by your companies over the past decades,
04:14and then you compare that to general purpose AI and the trends of those projects not unlocking value.
04:22I think it's a moment here in Europe, industrial AI and industrial companies,
04:29is to turn this data, this IP, into an advantage.
04:34So over the past years and months, Mistral has particularly been focusing on industrial AI.
04:43We truly believe that if you combine the data, the IP, your designs, your simulations,
04:52and we import that into a large model, you really create a competitive advantage
04:59and something that's going to revitalize your end-to-end R&D and product process.
05:05But that's one step towards competitive differentiation in Europe.
05:11The second part of your question was around not throwing the baby in the bathwater.
05:17But those systems can be deployed here.
05:20Those systems can be deployed in Europe.
05:23Those systems can run on GPUs that are located in France, in Germany,
05:29and it's possible to really deploy those systems and have the data stay home.
05:36So you can both create a competitive advantage and own your future.
05:41And that's why we've been working and partnering over the past years on AI industrial use cases
05:49with companies like Airbus, ASML, BMW, and partnering with companies like SAP along the way.
05:55Thank you, Marjorie.
05:57So let me turn to you now, Sebastian and Cedric.
06:01You're representing two of Europe's biggest tech companies.
06:05You sell software.
06:06All the headlines recently have been talking about how AI is going to eat the software industry
06:14and that, you know, your business models are dead.
06:18How do you respond to that?
06:21I mean, I love the challenge.
06:23So first of all, I mean, AI is software.
06:26I mean, to start there.
06:27So what AI does is it reinvents how we do software.
06:31And what it does mainly, I think, is it will open up the largest market expansion for software there has
06:37ever been.
06:38Right now, the software market is about a trillion euros.
06:42We predict it will go to four to five trillion euros rapidly within the next five years as more and
06:48more use cases become open to automation that have not been open to automation.
06:53But then some things won't change.
06:55First of all, software is a house that has a full stack, like you already said before.
07:00You need all layers of that stack to be modern and work in harmony.
07:05And second, for the scaling of AI, what you will need is business context, business data, and enterprise-grade governance.
07:14And that's what we believe in where we as SAP, but also we in Europe, have a unique advantage with
07:19the industrial know-how we have,
07:21with the deep business and data domain know-how we have.
07:24And that will be, for me, the true frontier of having AI adoption at scale, where the industry domain, I
07:31think, is the biggest opportunity Europe has.
07:34Okay, Cedric?
07:35So let me build on this.
07:36Everybody talks about the SaaS apocalypse.
07:38I call it the SaaS evolution, if you want, because software was supposed to eat hardware, and it did, but
07:45hardware is still around.
07:46Then SaaS was supposed to eat software, and we went through the transition, and AI is eating the rest.
07:52So the reality is, I believe it's actually a triangle.
07:55At the base of it is whatever software is deterministic, it will stay.
08:00So I'll give you an example.
08:01Siemens is one of the three companies which is building software to design microchips.
08:06If you get the microchip one nanometer, it's very, very small.
08:09Wrong.
08:10You can throw away half a billion or a billion of wafers.
08:14So that has to exist, and sort of an approximation using AI will not work in this direction.
08:19The second one is what you talked about is the system of records.
08:22AI will have to be built on systems of records of CRM, PLM, ERP, and I think this will stay.
08:30What will change is the UI, is the apps on top of it.
08:33I think this will massively change.
08:35Where people said, I've been trained 10 years, 15 years on using Dasso or Siemens or PTC, that will disappear.
08:43Because this interface will become agents.
08:47So I think there will be massive, massive expansion, and it will be much more easy to use software.
08:51It's very complicated to use software at the moment.
08:53So that's happened.
08:54So I think I agree that it will be an expansion of the market.
08:59But we will have to be super careful that this expansion is also one we can profit, all three of
09:04us.
09:04And it's not going to sort of miss us.
09:06And it means a constant reinvention of what we actually do.
09:08And that makes the industry, by the way, so exciting.
09:11Exactly.
09:11Just makes it hard to take a vacation.
09:13That's why you lose your hair, you get gray, and I'm 25 years old.
09:17Exactly.
09:19Let me turn to you now, Jens.
09:21Now, you know, Europe's commercial vehicle industry is under pressure.
09:27Is AI, will it help it to put it back in the driver's seat?
09:32How do you see AI impacting your industry?
09:36First of all, I still think we are in the driver's seat.
09:40We have the biggest commercial vehicles industry in the world, still in Europe.
09:45And as a Volvo group, we still have 75% of our R&D in Europe.
09:50But, of course, as a company, for us, it's very much how you apply this in every process everywhere,
09:56whether that is in R&D or in logistics or in our industrial operation.
10:01And you wouldn't be surprised how much software you have in a vehicle.
10:06The next step in this journey is, of course, autonomous vehicles.
10:11We are already now going into L4 autonomy, and we have commercial vehicles on the road,
10:18driving autonomously by quarter one in 27.
10:22Unfortunately, not in Europe.
10:24Something to reflect on.
10:26But I do think the AI application of AI will still need a lot of domain knowledge.
10:35Technology is one thing, but you have humans that need to change, behave in a different way.
10:40And I think we're underestimating the change journey you have to do in companies from your culture,
10:47your organization, how you behave.
10:50And I don't think anyone has cracked that code yet.
10:54I agree.
10:54Let me ask you a follow-up question, because, you know, we've been talking about AI and software.
11:01But in order for AI to be effective, you need, especially when we're talking about the vehicle industry,
11:10you need batteries.
11:12You need green energy.
11:13So let's talk about the battery situation.
11:17Because during VivaTech, there's been a lot of discussion about, you know, European tech sovereignty
11:23and also about how the investors are saying, well, you know, in order to put a lot of money into
11:31European startups,
11:32we need to see the demand side.
11:34And a lot of discussion about how big companies in Europe need to step up and buy European.
11:41But when it comes to batteries, you know, there's no European solution.
11:47No.
11:48And I think there's quite a good analogy.
11:50If you look at the adoption rate of battery electric vehicles in the commercial industry,
11:57Europe is below 2%.
11:58China, right, last year, we're at 26%.
12:02Why?
12:03Because there is a completely different holistic approach.
12:06I mean, you need to have an energy system.
12:09You need to have an energy grid.
12:11You need to have infrastructure when it comes to charging.
12:14And you need to have a competitive vehicle.
12:16And if you don't approach that as a holistic perspective, the transition will not happen.
12:22And I think here China have done that in a good way.
12:25I think we still need to have a plan in Europe.
12:27And I can draw that analogy into AI as well.
12:31You need to look at it from a holistic perspective.
12:34And you need to create a joint plan here.
12:37And ultimately, it is so.
12:39No one is willing to pay more because it's European, to be frank.
12:44None of our customers are willing to pay more for transport because it's European.
12:49It means it needs to be competitive on equal terms, of course.
12:53So I think we have a journey to have a holistic plan to scale in Europe.
13:00We have dots, but we have a journey to connect them together, my view.
13:06So, you know, rather than, of course, focusing on national solutions, being national AI champions, battery champions, we need not
13:17just pan-European battery company, but we also need the whole ecosystem behind it.
13:22And the vision to build that and build it rapidly because it's not just for vehicles.
13:32Batteries will play a very important role in storing energy for data centers that power AI, right?
13:39I think we're underestimating the need or the focus on energy system and energy transition.
13:46And again, with the energy system we have in Europe today, if you want to go into green energy or
13:54clean energy, whether that's wind, solar or whatever, you will need different ways of balancing that.
14:00Whether that is batteries or hydrogen.
14:02And the base also for AI is a lot of energy.
14:06So if we don't solve the fundamental question of energy in Europe, already there we will run into trouble.
14:13So whether that is, again, the transition to battery-active vehicles or into AI, and how do we create a
14:20holistic view as a European continent?
14:23And we cannot work country by country.
14:26Even Germany, then, or France.
14:28I'm coming from a small country, Sweden, but I don't think even Germany and France is big enough.
14:34Europe has two types of countries.
14:36Small countries and the ones which don't realize it yet, right?
14:39I mean, these are the two things.
14:42So, thank you, Jens.
14:44Let me go back to you, Sebastian and Cedric.
14:47You know, there's been a lot of talk, a lot of companies, almost all companies now are adopting AI in
14:56some way.
14:57But very few are really seeing benefits to their top line, are able to, you know, create new business revenue
15:08and add to the top line.
15:10What's the situation like at your two companies?
15:13How are you using AI and give us some specific examples?
15:18Look, I mean, there's four things we are doing as Siemens on the AI.
15:22The first, we launch products, right?
15:24We launch products and we launch products, especially where there's scarcity.
15:27So one of the biggest thing at the moment, if there's one industry which explodes, is microchips.
15:32And there's not enough microchip designers, so we're launching AI to make microchip design faster using agentic workflows.
15:38So that works.
15:39So we have launched more than 80 AI pure products in this direction.
15:44The second one is when you're in Silicon Valley, and by the way, I like that you always called Sebastian
15:49and Cedric in the same way.
15:51But when I was in Silicon Valley, there's something called eat your own dog food, which basically means you use
15:56your technology yourself.
15:57I'm half French.
15:58We call it drink your own champagne, right?
16:00We try to use our own technology.
16:02So we're going to build the most advanced factory in the world in Erlangen, which, if nobody knows, this is
16:07where most of the headquarter of Siemens is.
16:10It's a little village out of nowhere in Bavaria.
16:13We're going to spend half a billion and we're going to build probably in the most expensive place one of
16:17the most advanced factories together with NVIDIA, etc.
16:19So we're trying it ourselves and we want to show that every year we can bring between 7% to
16:259% productivity thanks to AI.
16:28Why?
16:28Because lean is tapping out, digital is tapping out, and AI is the only chance to get productive.
16:34The third one is we are actually trying to use AI in all of our workflows for SG&A, for
16:40cost, and we're working on migration of ERP systems.
16:43So what I'm trying to say is don't tell others on how to do it.
16:46Prove to yourself that you can do it and then replicate it.
16:49So I think that's super, super important.
16:51And then, of course, we build all of the technology to enable the data centers.
16:55So we're very happy that Mistral is building lots of data centers in SAP.
16:58But fundamentally, build the products, test it yourself, and get cost out of your own organization, and then you can
17:04talk to the customers.
17:05I think that's what we do.
17:06Okay.
17:07I fully agree.
17:08I mean, I always joke I have the worst job in SAP.
17:12Imagine running IT in an IT company.
17:15I have 100,000 people who…
17:18I run IT too.
17:20But, I mean, what is SAP doing?
17:22We are doing what we tell our customers to do.
17:25We follow our vision of an autonomous enterprise.
17:28But what makes up an autonomous enterprise?
17:31It's not just an agentic layer.
17:33First, you need a rock-solid, modern foundation, the systems of records that you're running, because that's where the data,
17:39the process, and the deterministic part that will not go away sits.
17:43Then you need a platform that helps you to build, contextualize, and govern the agentic layer that you're building.
17:52Because otherwise, you're running quickly into an RPA 2.0 disaster of ungoverned, but in AI speed, real mess.
18:00And then what we are building out is an autonomous suite.
18:05So, of course, in areas where we are providing products like finance, we strive towards full or large autonomy in
18:12areas like financial closing.
18:14We already see that happening for SAP in areas like recruiting, where we have full AI assistance.
18:21But then the biggest value comes from two areas, technically.
18:25First, it's the engagement layer.
18:27So, what we are building is a whole new way of how you engage with systems.
18:31I always joke SAP was never famous for UI.
18:34So, this is our moment to actually reinvent your UI, to shine.
18:38Because in the future, you will not look at screens that predefined ERP screens or PLM screens anymore.
18:44You will generate, based on what you ask, it will be generated on the fly.
18:49That's something we are shipping in September.
18:52And then the last thing, which I deeply believe is the biggest opportunity also for Europe,
18:57is focus on a few big lighthouse use cases.
19:01That's what we call industry AI, where you are unique, where you create unique value.
19:06That's where we are seeing also great success together with Mistral, for example,
19:11in the French government as a first customer.
19:14Or in companies like H&M, where we don't just identify the current process,
19:20but where we work with them to really rethink how is commerce working in the future.
19:25And that's, I think, the most important part.
19:27And then lastly, it's change management, change management.
19:30We have 40,000 developers.
19:32I can give all of them agentic coding tools.
19:35But if I don't help them how to use them the right way, how to rethink processes,
19:41that won't happen overnight.
19:42So that's a bit the lay of the land.
19:44A shitty fight process.
19:47If you AI-ify it as a shitty AI process, right?
19:50I mean, that's the key thing.
19:51It's so funny.
19:51I spend more time right now simplifying processes than actually working on technology,
19:57because they become the bottleneck.
19:59And what the last thing you should do is just identify the crap of the past.
20:04Actually, the automation of bad processes has slowed down the use of AI for the past couple of years.
20:12It's a transformation that matters.
20:14Excellent.
20:14So the next question is for all the panelists.
20:18I want to talk about a couple of the major constraints that industry is facing in Europe.
20:23And one of them is compute.
20:25So the U.S. commands roughly six times the EU's AI supercomputing capacity.
20:32And only 15% of global hyperscale data center capacity sits within Europe, against 54% in the United States.
20:42Does this keep you up at night?
20:44How big of a problem is this?
20:45I'll start with you, Marcia.
20:47I mean, we train models.
20:49We are in a lab.
20:51So capacity is, of course, top of mind for us.
20:56We've been focusing on reserving capacity and building our own data centers over the past year.
21:02We've opened three sites.
21:04By the end of 2027, we will have 200 megawatts shooting for a gigawatt of capacity by the end of
21:102030.
21:11How do you build AI applications?
21:14How do you be modeled with restrictions in capacity?
21:17It is very important.
21:19And I think it's core to all our future and our independence in really exploiting the benefits of AI.
21:25So it's top of mind for us because we train models.
21:28But we also want to bring the benefits of that capacity in Europe to our partners, to our customers that
21:34are also concerned in terms of capacity.
21:37And that's also why we're partnering with SAP on joint systems and data centers to bring that capacity and availability
21:46to all.
21:48Top of mind.
21:52So I'm going to do something.
21:54I'm going to wake you up because it's apparently a wake-up call.
21:56Can I have everybody raising their hands, both of their hands up?
22:00And I'm seeing if you don't do it.
22:01So if you're willing to not pay a single dime more for European data centers, just put it like this.
22:08If you're saying, no, I'm not, don't want to.
22:10If you want to pay a bit, do this.
22:12And if you're willing to pay a lot, which is up to 20%, keep it up.
22:15I just want to see how, and be honest, right?
22:17Because she's going to come with the offers up.
22:20So what I see that a lot of people in the room are willing to pay.
22:24You can take your hands down.
22:25So what I'm trying to say is between what we see in this room and the reality we see when
22:30we go forward, 5% to 10%.
22:32That's the maximum somebody is willing to pay for European compute.
22:35And that's a lot already.
22:37So what we will have to do, and we do it as a head of IT, I will move 5
22:41% to 10% of my compute power into Europe.
22:43There is not enough.
22:44But I can't make it a Mistral problem.
22:46I can't make it an OHV problem.
22:48We have to create the demand, and we have to work with you to be able to do it.
22:53So I like these panels because it's always either politics or big companies which have to solve it.
22:58But the reality, all of us have to solve it.
22:59And the biggest issue on European compute is energy, building permits, and the cost of actually running a data center
23:09in Europe is 20% to 30% higher than it is actually in the U.S.
23:12And we have to find a way to go around this.
23:14Sorry for, thank you for participating, by the way.
23:17Thank you a lot.
23:18Yeah, I mean, it's an existential topic.
23:20Yes, it's a real wake-up call.
23:22The reality is you ask us if this keeps us up at night.
23:26No, but it keeps us definitely busy at day, right?
23:29I mean, so we have to work for it.
23:31Well, I wanted to follow up by what you said about energy because EU industrial electricity prices are 158%
23:41higher than in the United States.
23:43And it's not sure we can generate enough green energy to keep up with demand.
23:49So how big of an issue is that?
23:54Energy is a huge issue.
23:55I mean, we are just, again, I'm coming from a commercial vehicle, so it's very easy to do examples from
24:03that.
24:03But, I mean, our commercial vehicle that we charge, it's 750 kilowatts in power when you charge it, mega charging.
24:15And imagine, Dan, that you have 1,500 of these vehicles coming in at the same time, plugging in.
24:22That's the same power as a small nuclear power plant.
24:27Just to give this scale, and that's just 1,500 vehicles.
24:31Imagine adapting that to data centers.
24:33I think we don't even sometimes understand which playing field we're on and which deficit, I would say, we have
24:42in Europe when it comes to one thing is energy production.
24:46The other part is moving that energy to the right place, which is an even bigger problem.
24:52And, again, working country by country still.
24:57So we have a huge journey.
24:59And regardless of industry, the energy question needs to be solved.
25:06Sorry, go for it.
25:08What's, for me, the most mind-boggling thing is why can't we find a European solution to a European problem?
25:15There's abundance of energy in the Nordics.
25:18There's nuclear energy in France.
25:20But instead, I mean, it's not even Germany, France, and Belgium can't agree on who has the data center.
25:26In Germany, it's even Bavaria, Baden-Württemberg, and Berlin cannot agree on who has the data center.
25:32So I think what we need to get to is the fix.
25:34And what the U.S. understands much better, the fix is not to fix this then with subsidies to build
25:40data centers.
25:41The fix is very simple.
25:43First, create government demand.
25:44So because they can pay more, they are not private entities, that is big enough to give the initial load.
25:52And second, make the regulatory circumstances in a way, electricity prices, permitting.
25:58When you go to the U.S., politicians think about that every day, how to make permitting faster, energy costs
26:04lower, how to make financing easier, how to unlock that demand.
26:08And there's not a single government euro subsidy going directly.
26:13And that's, I think, the mindset shift we need to do.
26:16Then we are all smart enough here to figure out how to satisfy the demand.
26:21Okay.
26:21So you've talked about the responsibility of governments here.
26:25But let me throw it back to you and ask, can Europe's industry collectively do what Brussels bureaucrats and national
26:37and local politicians haven't,
26:39which is band together as European industry to ensure that Europe has a cohesive industrial AI policy?
26:50What's the responsibility of large corporates here?
26:54We are all partaking in the omnibus Bahnhof that happens in Brussels right now.
27:01But I think, I mean, in reality, I mean, A, it's forming strong partnerships.
27:04Like, we have, like, we have coordinating on how to create, for example, joint industry data exchange protocols and standards.
27:12How to, how to create, like, remove some of the friction and then speak with one voice towards Brussels.
27:18We just signed another petition together with Siemens, SAP, ASML.
27:23And I think you were part of that as well, to be very clear and outspoken to Brussels what we
27:30need.
27:31And then I believe the rest we will do ourselves.
27:35Okay.
27:36Jans, you want to add to that?
27:37No.
27:38I think the big corporations, we have a responsibility and we can do a lot, but we need to be
27:44aligned.
27:45And we still don't have a common market in Europe.
27:47We have been saying we have had that for a long time.
27:51I would argue we don't.
27:53And we need to come to the final stages where we actually create the common market in Europe.
27:58And, I mean, we are 430 million inhabitants in Europe.
28:03It's an enormous buying power if we can, if we can come together.
28:06So, but, but, of course, we can influence, but, but we, we, we need to work together.
28:14Look, I'm very emotional about it.
28:16I don't know, Marjorie, if you want to go first.
28:18But I can, I can, you can.
28:21I just think the, of course, we all have a responsibility, I guess, to, I think we also,
28:28need to believe.
28:29I think Europeans tend to be a little bit negative and pessimistic, or at least the French are.
28:35I think we have an opportunity to really make a difference.
28:38Yes, it's going to be hard, but, but I think we have a responsibility to tackle the problem.
28:43I do think governments can play a bigger role in facilitating, also, how procurement processes
28:50give a chance to startups in order to really accelerate how you go and really help local
28:58governments to leverage AI.
29:01But I think it's, it's both government and then our companies adding enough weights to
29:06not stay static and not to become fully dependent on what's happening outside of our walls.
29:12So I'm also very emotional about the topic, but I think today is the day.
29:19I mean, the wind is pushing us that direction in any sense.
29:25So we're coming to, close to the end of the panel.
29:29So I would like each of you, and I'll start with you, Jens, and then work down the line.
29:33I mean, what is the one thing that you would like this, the audience to take away from this
29:38panel?
29:43It is very much to reflect on what are we willing to do to create a European ecosystem.
29:52And that will mean more than what we do today.
29:58Look, I've never been more worried than I am today, and I've never been more confident
30:04than I am today.
30:05And I think Europe, I'm worried because we have all of this data.
30:09If you look at infrastructure, automation, all of this has come out of Europe from Siemens
30:14and other companies from SAP.
30:16So we have fantastic companies like Volvo.
30:19We have new companies like Mistral, SAP and ourselves.
30:22So, and I'm worried that we are missing the change.
30:24I'm very confident because I know that the good thing is if things are getting difficult,
30:29we have to reinvent ourselves and Europe has to fundamentally, and we have to fundamentally
30:33reinvent ourselves.
30:34What we've done in the past will not be the success of the future, but constant reinvention
30:39is what we've done in Europe for quite a while.
30:41That's why I'm confident also.
30:42Okay.
30:43Sebastian.
30:44So I think we are entering a next phase with AI, and that's the adoption phase.
30:49And in that phase, it will depend much more on processes, data understanding, governance,
30:58than on the base technology itself.
31:00And that's where Europe has a unique treasure, built over hundreds of years, industrial process
31:06understanding, deep vertical industry death.
31:09So let's make use of that treasure.
31:12Let's be hopeful.
31:12Let's be positive.
31:13But let's also understand it's five before midnight and work as one European continent.
31:19And then I think we can actually come out as a winner in the end.
31:23Marjorie, you have the last word.
31:24To me, a transition from naivety that it could be possible to optimism.
31:33And I think to me, the last word is, let's focus on what we are good at.
31:38Let's not focus on what we're not good at.
31:40And I think there's enough in Europe that we are good at that we can definitely make a
31:43difference.
31:45Okay.
31:45With that, I'd like to ask the audience to give a nice round of applause to our panelists.
31:50Thank you very much.
31:58Excellent, Jennifer.
31:59Thank you so much for that moderation.
32:00Thank you very much.
32:01Wow.
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