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.

Tánaiste Mary Harney, who chaired the informal meeting, said that the message was clear: Europe has the potential to grow, but only if the right decisions are made in terms of legislation.

Henri Thome of the French Bouygues Group, which employs 130,000 staff in 90 countries, said that without competition, backed by a legal framework, there was no incentive for companies to deliver best quality products and services at the lowest price.