The global economy is in the midst of four parallel and interacting transformations: the green transition, the shift to emerging markets and Asia in particular, the digital transformation in all its facets and the revolution in biomedical and life sciences. Added to this are an ageing population, supply-side constrained growth after a long period of deflationary forces that are fading, and major changes in labour market conditions and behaviour. What is needed to make these transformations successful and inclusive? What is the “tragedy of the commons” and how do you solve it? What is Europe’s role in all this? Will these forces lead to a regime change in the global system?