About a week ago, MSNBC posted a story from The Financial Times, titled “FedEx Chief attacks European red tape” (http://msnbc.msn.com/id/9756058/).
Europe’s excess regulation is a topic I have seen on many internet forums and in a number of articles. But this is the first time I can remember seeing the head of a very large well-known company say in public that they are going to limit their share of the European market because it is not worth all the regulations & laws.
Some interesting points from the article:
Rigid labour markets and excessive red tape are deterring US investment in Europe and pose a “huge danger” to the continent’s economy, Fred Smith, chief executive of FedEx, has warned.
. . . .
“Most US CEOs are particularly worried about the continued proliferation of regulations that come out of the EU,” Mr Smith said in an interview.
While it is uncommon for such views to be voiced publicly, they are shared by many US chief executives who increasingly favour higher-growth opportunities in Asia and the US.
Historically, corporate America has invested far more money in Europe than any other region, but scepticism about the pace of economic reform poses significant risks to future inward investment.
I wonder how much their economy will slow down before they realize that you can’t have more people regulating the workers than you have people working, and still expect anything to get done.