European Executives Advocate for Deregulation in Response to Trump's Competitiveness Call
At Davos, business leaders agree with Trump’s push for quicker deregulation in Europe to enhance competitiveness and innovation.
At the World Economic Forum in Davos, business leaders supported U.S. President Donald Trump's appeal for the European Union to speed up deregulation and boost competitiveness to keep up with global markets.
In a video conference, Trump criticized the EU for its restrictive trade policies, warning that companies should manufacture in the U.S. to avoid tariffs, thus promoting the U.S. as a prime location for factory construction and job creation.
This message was well-received by executives, including Nicolai Tangen, CEO of Norges Bank Investment Management, who stressed the need for Europe to emulate the U.S.'s deregulation efforts to stay competitive.
The Trump administration has already taken steps to reduce regulations, particularly in the oil and gas sectors, and executives noted the urgency of similar actions in Europe. Although there has been political support for deregulation within the EU, business leaders are frustrated by the slow pace of implementation.
Erik Ekudden, CTO of Ericsson, and Belen Garijo, CEO of Merck Group, expressed concerns that despite political will, immediate action has been lacking.
Garijo stressed that Europe should not be pressured into competitiveness by U.S. policies, but should find its own solutions. The rapid advancement of artificial intelligence (AI) further underscored the urgency for regulatory reform.
Thomas Saueressig of SAP highlighted that Europe's current regulatory environment could impede its ability to keep up with AI innovation, a sector where the EU risks lagging behind.
Garijo warned that falling behind in AI could cost Europe trillions in GDP. Despite calls for action, regulatory reform in Europe has been slow, with member states divided on key issues such as energy policy and capital markets reform.
The need for swift implementation of regulatory changes has become more urgent, 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.
In a video conference, Trump criticized the EU for its restrictive trade policies, warning that companies should manufacture in the U.S. to avoid tariffs, thus promoting the U.S. as a prime location for factory construction and job creation.
This message was well-received by executives, including Nicolai Tangen, CEO of Norges Bank Investment Management, who stressed the need for Europe to emulate the U.S.'s deregulation efforts to stay competitive.
The Trump administration has already taken steps to reduce regulations, particularly in the oil and gas sectors, and executives noted the urgency of similar actions in Europe. Although there has been political support for deregulation within the EU, business leaders are frustrated by the slow pace of implementation.
Erik Ekudden, CTO of Ericsson, and Belen Garijo, CEO of Merck Group, expressed concerns that despite political will, immediate action has been lacking.
Garijo stressed that Europe should not be pressured into competitiveness by U.S. policies, but should find its own solutions. The rapid advancement of artificial intelligence (AI) further underscored the urgency for regulatory reform.
Thomas Saueressig of SAP highlighted that Europe's current regulatory environment could impede its ability to keep up with AI innovation, a sector where the EU risks lagging behind.
Garijo warned that falling behind in AI could cost Europe trillions in GDP. Despite calls for action, regulatory reform in Europe has been slow, with member states divided on key issues such as energy policy and capital markets reform.
The need for swift implementation of regulatory changes has become more urgent, 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.
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