Low investment, lackluster competitiveness and anemic growth rates have taken the swagger out of Europe's step in recent years and more needs to be done to get the region back on track, according to the deputy chair of Swedish investment company Kinnevik.
"It's pretty clear that the investment level has been low in Europe for quite some time. We've lost out quite a lot in terms of growth opportunities and there has been too little reform," Anders Borg told CNBC on Wednesday.
"I know that people are tired of austerity but the key here is competitiveness. We might have focused too much on austerity and public finances and maybe too little on entrepreneurship and the business climate," he added.