How can Europe achieve its growth potential?

Despite the scale and longevity of Europe’s largest businesses, many are struggling to achieve the same pace of growth as companies in the U.S.

The combined revenues of the companies on the Fortune 500 Europe list rose 4% to a record high of $15.5 trillion this year and profits climbed 3% to $1 trillion.

However, on a constant currency basis, the percentage increase in revenues is less than 1% and net profits actually declined.

In contrast, the U.S. companies on the Fortune 500 saw profits rise by 12.4% and revenue by 5.4%.

Addressing this growth issue represents a significant challenge for Europe’s largest companies and was the overarching question executives debated at the Fortune CEO Forum, held in London on 16 September.

Here, some of those business leaders share their views on how to drive European growth.

Samer Abu Ltaif, president of Microsoft EMEA Microsoft Samer Abu-Ltaif, president for Europe, the Middle East, and Africa, Microsoft Europe has several strengths.

It has talent, great levels of trust and leads on responsible innovation—and it has done for centuries.

But at this point in time, there is a need to re-evaluate how we can evolve the regulatory framework that exists in Europe from being sometimes pre-regulating or over-regulating to becoming one that drives innovation.

This is what will enable Europe to excel.

Nicole Melillo, managing director, Volvo U.K.

Joe Maher Nicole Melillo, managing director, Volvo U.K.

I believe Europe’s biggest opportunity for growth is around the sustainability agenda.

Everyone shares that common goal to lower carbon emissions.