The purpose of this article is to conduct a comparative analysis of the competitiveness of the EU and the US economies, in a systemic framework, that is, with respect to the main components of country’s economic system that determine its competitiveness. The analysis is based on the systemic framework of economic competitiveness and growth, developed by T.J. Hämäläinen. The analysis of the available data indicates that the US achieved better results in six of the seven study areas, that is: 1) productive resources; 2) innovation and diffusion; 3) organizational effi ciency of the economic system; 4) product market characteristics; 5) institutional framework; 6) government policy and activities. As far as the EU is concerned, it has potentially bigger opportunities to benefi t from the greater (than in the US) involvement of foreign investors on its market. However, this is not a factor that can compensate for the UE’s weaknesses in other areas. It will be extremely diffi cult to improve the international competitiveness of the EU without introducing signifi cant changes, that is in particular, without signifi cant improvement of the organizational efficiency and without – even partial – resignation from (so characteristic for the EU member states) policy of maintaining high government spending (in relation to GDP).