The Economist Magazine Cover For 03/30/2024

The Economist Read in browser MARCH 30TH 2024 How we chose this week’s image SUBSCRIBER ONLY Cover Story How we chose this week’s image Insert a clear and simple description of the image Edward Carr Deputy editor On our cover in Europe this week we looked at three severe shocks, actual and potential, to the economy. Partly because of the jump in energy prices that followed Russia’s invasion of Ukraine, the European Union’s GDP has grown by only 4% this decade, compared with 8% in America. As if that were not bad enough, Europe faces a surge of cheap imports from China. And within a year Donald Trump could be back in the White House, slapping huge ­tariffs on Europe’s exports. This rather lovely image focuses on the impending blight. Europe’s misfortune is particularly ill-timed. American support for Ukraine has dried up and the energy transition has much further to run. A fast-ageing population, overbearing regulators and inadequate market integration continue to hold back growth. Disillusioned European voters are increasingly liable to support hard-right parties such as the Alternative for Germany. For all their charm, blue petals and a euro coin say that we are writing about the 20 countries in the single currency. In reality, the shocks threaten the entire continent—including Britain. Somehow, this crumpled euro note is not so evocative of the currency union. Instead it hints at a fourth danger that we wanted to be a central part of our leader. Although the shocks facing Europe are outside its control, errors from Europe’s own policymakers could greatly aggravate the damage. We thought about a classical allusion—because those errors stem partly from Europe’s understandable but backward-looking urge to preserve industries and jobs. One error would be to fight the previous war against inflation by keeping economic policy too tight at a moment of vulnerability. It will be easier to cope with disruption from outside if central banks help avoid a slump that would stop displaced workers finding new jobs. Another error would be to copy America’s and China’s protectionism by giving vast subsidies to favoured industries. China’s recent economic woes demonstrate the flaws, not the virtues, of excessive government planning. This chap is wrestling an indicator. Unfortunately, it looks as if he is grappling with red tape. Classical imagery was good, but we wanted something more precise. When we saw this, we knew we had what we were after. This Mona Lisa has not only received a nasty shock; she’s also gone punk. And that nods towards Europe’s need to junk the past and forge its own mould-breaking economic policy. Even as America showers industry with public money, Europe should instead spend on infrastructure, education, and research and development. Rather than emulate China’s interventionism, Europe should note the benefit Chinese firms derive from a vast domestic market. Integrating Europe’s market for services, where trade remains difficult, would help firms grow, reward innovation and replace some lost manufacturing jobs. This hair-raising cover was almost ready, but some of us wanted to tie in the triple shock with our modern Mona Lisa. So our designers came up with some firebolts over her left shoulder. They say lightning never strikes twice. It threatens to strike Europe three times. Can artificial intelligence transform health care? That is the question at the heart of this week’s Technology Quarterly, written by our health editor, Natasha Loder, and which we featured on our cover in America and Asia. This is how we illustrated the front of the TQ. As you can see, Leonardo da Vinci is all over this week’s paper: he was the hand behind not just the Mona Lisa, but also the Vitruvian man—which applies geometry and mathematics to the human form and is the inspiration for this image. We thought that our cover should refer to the TQ. Artificial intelligence is generating excitement and hyperbole everywhere, but in health care it has the potential to be transformational. As the TQ describes, it promises better diagnoses, personalised support for patients, faster drug discovery and greater efficiency. In Europe analysts predict that it could save hundreds of thousands of lives each year. There is already evidence that AI systems can enhance diagnostic accuracy and disease tracking, improve the prediction of patients’ outcomes and suggest better treatments. It can also boost efficiency in hospitals and surgeries by taking on tasks such as medical transcription and monitoring patients, and by streamlining administration. Unfortunately, integration has been slow and the results have often been mediocre. Our editorial focused on why that is and what to do about it. Our covers played on a stock medical phrase, “the doctor will see you now”. Putting “soon” as the last word was ambiguous—it’s later than now, but not very far off. To be clearer, we settled on “eventually”. Health care desperately needs the AI treatment, but its introduction will not be painless. As the doctor says: “This is going to hurt.” Cover image • View large image (“The triple shock facing Europe’s economy”) • View large image (“The AI doctor will see you...eventually”) Backing stories → The triple shock facing Europe’s economy (Leader) → Europe’s economy is under attack from all sides (Finance and economics) → The AI doctor will see you…eventually (Leader) → Health and AI (Technology Quarterly)