Europe’s fragmented single market is like an obstacle course, relegating the region’s companies to also-rans in the global race for growth.
The failure to harmonise the rules inside the trading bloc has allowed US companies to take the lead in the growth stakes, say some of the continent’s leading industrialists. A patchwork of regulations is stifling innovation and expansion, they believe.
“There are so many obstacles and barriers that are making it hard to grow,” said Carl-Henric Svanberg, chair of the influential Brussels-based European Round Table for Industry, which brings together leaders of 60 of the continent’s biggest industrial and technology companies.
He said the US economy grew far more strongly than Europe in the decade between 2008 and 2018. US cumulative real growth was close to 19 per cent, against 11.4 per cent for the EU, including the UK. “The price we pay for not realising that growth is huge,” added Svanberg, who is also chair of Sweden’s AB Volvo and has led European giants such as Ericsson and BP.
Svanberg’s comments in an interview…
