European leaders advocate for deregulation in response to Trump's call for enhancing competitiveness.
At Davos, business leaders echo Trump's demand for swifter deregulation in Europe to enhance competitiveness and foster innovation.
At the World Economic Forum in Davos, business leaders echoed U.S. President Donald Trump's appeal for the European Union to expedite deregulation and boost competitiveness to avoid lagging behind global markets.
Through a video address, Trump criticized the EU's stringent trade policies and cautioned that companies should produce in the U.S. to avoid tariffs, positioning the U.S. as an ideal site for factory development and job creation.
This message found agreement among executives, including Nicolai Tangen, CEO of Norges Bank Investment Management, who highlighted the necessity for Europe to emulate U.S. deregulation efforts to stay competitive.
Trump’s administration has been active in reducing regulations, especially in oil and gas, and executives stressed the need for similar measures in Europe. Despite political backing for deregulation within the EU, business leaders remain frustrated with the sluggish pace of execution.
Erik Ekudden, CTO of Ericsson, and Belen Garijo, CEO of Merck Group, expressed concerns that although political will exists, swift action is absent.
Garijo cautioned that Europe should not rely on U.S. policy to drive competitiveness but develop its own strategies. The rapid growth of artificial intelligence (AI) underscored the urgency for regulatory reform.
Thomas Saueressig of SAP indicated that Europe’s current regulatory framework might impede its ability to keep up with AI innovation, a sector where the EU risks trailing behind.
Merck’s Garijo warned that falling behind in AI could cost Europe trillions in GDP. Despite calls for change, Europe’s regulatory reform has been slow, with member states divided on crucial issues such as energy policy and capital markets reform.
The urgency for rapid implementation of regulatory changes has intensified, as leaders like Siemens Energy’s Joe Kaeser warned that without solutions to these challenges, Europe could lose investment and momentum in the global market.
Through a video address, Trump criticized the EU's stringent trade policies and cautioned that companies should produce in the U.S. to avoid tariffs, positioning the U.S. as an ideal site for factory development and job creation.
This message found agreement among executives, including Nicolai Tangen, CEO of Norges Bank Investment Management, who highlighted the necessity for Europe to emulate U.S. deregulation efforts to stay competitive.
Trump’s administration has been active in reducing regulations, especially in oil and gas, and executives stressed the need for similar measures in Europe. Despite political backing for deregulation within the EU, business leaders remain frustrated with the sluggish pace of execution.
Erik Ekudden, CTO of Ericsson, and Belen Garijo, CEO of Merck Group, expressed concerns that although political will exists, swift action is absent.
Garijo cautioned that Europe should not rely on U.S. policy to drive competitiveness but develop its own strategies. The rapid growth of artificial intelligence (AI) underscored the urgency for regulatory reform.
Thomas Saueressig of SAP indicated that Europe’s current regulatory framework might impede its ability to keep up with AI innovation, a sector where the EU risks trailing behind.
Merck’s Garijo warned that falling behind in AI could cost Europe trillions in GDP. Despite calls for change, Europe’s regulatory reform has been slow, with member states divided on crucial issues such as energy policy and capital markets reform.
The urgency for rapid implementation of regulatory changes has intensified, as leaders like Siemens Energy’s Joe Kaeser warned that without solutions to these challenges, Europe could lose investment and momentum in the global market.
