EU a ‘hostile’ business environment

EU competitiveness ministers got a dressing down from European and US business leaders at a unique roundtable event in Dromoland yesterday.

The president and general manager of GlaxoSmithKline Biologicals, Jean Stephenne, said that from a business perspective the EU was regarded as “a hostile and turbulent environment.”

He told the politicians there was little reward for innovation, little incentive for risk-taking, and over-complex legal procedures and regulatory processes. In addition there was a lack of widespread research and development collaboration, and fewer options for investment capital.