European business leaders, attending the World Economic Forum in Davos, are urging the European Union to reduce regulations to boost innovation and economic growth. They express concern that excessive regulation is pushing European businesses to relocate to more competitive markets like the US and China.
President Trump wasted no time on his first day in office, announcing a slew of deregulatory executive orders aimed at shoring up key industries
Europe's CEOs appeared to watch on with envy as President Donald Trump overturned a slew of regulations on Monday, with a growing chorus of voices calling for similar moves on the continent.The returning president has long argued that regulation is stifling innovation and U.S. competitiveness, campaigning for a second term with pledges to roll back the red tape. And, in the face of a more assertive U.S. and increased global rivalry, European business leaders are echoing that view.
"There are a lot of investments that are needed to be made in infrastructure, a lot of investments that need to be made in the strategic autonomy of Europe when it comes to tech infrastructure, those are the things that need stimulation," he said.The EU has one of the strictest regulatory business environments globally, often priding itself on being a first-mover in developing guidelines to manage industries and protect consumers.
DEREGULATION EU ECONOMY INNOVATION COMPETITION
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