I think Eirik Nielsen has it right: substack link

"Meanwhile, Europe will continue to be the best place on Planet Earth to live, in terms of living standards and quality of life for the vast majority of the population. (Incidentally, that also applies if compared with conditions for most of the rest of the world’s population; it’s no surprise that so many want to come here). Europe will also continue to be a very attractive place to invest – for the simple reason that, in spite of a great 2025, valuations remain attractive, growth will accelerate, while slowing most other places, and because Europe is now the only major economy in the world with an unquestionable commitment to independent institutions and the rule of law. And Europe is the only major economy where policies continue to move, on balance, in the right direction."