Europe has entered a new era of harsh geostrategic competition and will have to work together to avoid a global race to the bottom, European Commission President Ursula von der Leyen said on Tuesday at the World Economic Forum in Davos.

European Commission President Ursula von der Leyen warned of a 'global race to the bottom' using economic tools like sanctions and tariffs. She emphasized the need for innovation and cooperation to maintain global economic bonds,