Too German, too white and too male: that was the verdict of Siemens’ own chief executive on the engineering group. But Peter Löscher’s charge is one that could apply to most companies in continental Europe and the UK.

Too few are good at attracting not just women and ethnic minorities but also international talent. Fixing the imbalance is not just a matter of political correctness but something vitally important for the competitiveness of the continent. It is also a topic that brings together nearly all of the factors that will affect the long-term success of business in the continent from demographics to skills to immigration.