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Europe Has Fallen Behind the U.S. and China. Can It Catch Up? (www.nytimes.com)

submitted 5 months ago by MicroWave to c/world

11 comments fedilink hide all child comments

A “competitiveness crisis” is raising alarms for officials and business leaders in the European Union, where investment, income and productivity are lagging.

Europe’s share of the global economy is shrinking, and fears are deepening that the continent can no longer keep up with the United States and China.

“We are too small,” said Enrico Letta, a former Italian prime minister who recently delivered a report on the future of the single market to the European Union.

“We are not very ambitious,” Nicolai Tangen, head of Norway’s sovereign wealth fund, the world’s largest, told The Financial Times. “Americans just work harder.”

“European businesses need to regain self-confidence,” Europe’s association of chambers of commerce declared.

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[–] absquatulate 38 points 5 months ago* (last edited 5 months ago)

Summary: Newspaper owned by american billionaire claims workers on the other continent should work harder.

I find it hilarious that they had to cherry pick some two-word sentences from those people to try and squeeze in the point, because otherwise their texts would've sounded more nuanced and we can't have that in a hard-working society.

What is worrying though, is that europe's share in the global market is shrinking, because at this point pretty much only they ( and to a lesser degree the US ) try to uphold somewhat higher ethical standards for the various industries. At this rate the world will be all abused workers and underwhelming products in just a couple decades.