Europe must deregulate to boost competitiveness in the face of the Iran war energy shock or risk a “mass unemployment” crisis, the head of one of the bloc’s largest engineering groups has warned.
Morten Wierod, ABB chief executive, told the FT that European lawmakers have displayed “no sense of urgency” in pursuing deregulation even as rising gas prices in Europe dent the bloc’s competitiveness compared to the US.
He noted that the blueprint for reform commissioned by the European Commission and written by former Italian prime minister Mario Draghi was published almost two years ago but that little had been done about it.
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