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Energy crisis in Europe

EU losing competitiveness, ERT chief warns

Strict regulations in Europe are prompting international holdings to choose other countries for production facilities, Jean-Francois van Boxmeer said

BERLIN, December 2. /TASS/. The European Union is rapidly losing its competitive edge to the US and China, and de-industrialization of the EU economy has become a reality, Chairman of the European Round Table for Industry (ERT) Jean-Francois van Boxmeer said in an interview with several leading European newspapers.

"Europe is losing its competitiveness dramatically, and this is happening year after year when we compare it to China and the US. Our share in global industrial production was 22.5% compared to 21% for the US in 2000. Europe's share has dropped to 14.5% over the past two decades; the US's share remains at 16%, while China's share grew from 10% to 28%," van Boxmeer said.

"This is not just a risk; the situation is even worse: this has already become the reality," he said, answering the question of whether the EU is threatened by the relocation of industrial plants to other countries. Energy-intensive industries such as steel and aluminum "are completely uncompetitive" due to a recent spike in energy prices, the businessman noted. "Deindustrialization in Europe is progressing faster than decarbonization. Electricity for industrial companies has been 65% more expensive in the US over the last two decades," van Boxmeer added.

Strict regulations in Europe are prompting international holdings to choose other countries for production facilities, another problem, the ERT chair said. He urged the new board of the European Commission to develop "a dramatically different approach" to regulation and implement, in particular, the reforms laid out this September by ex-chief of the European Central Bank Mario Draghi in his special report. Implementing the recommendations of the Italian economist and politician will enable Europe to restore its investment appeal within three years, he added.

Europe should import more goods from the US, and Brussels must be "proactive and set aside its pride" in relations with Washington, the businessman noted in light of the threat of new US tariffs under the administration of Donald Trump.

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