Europe risks a ‘silent crisis’ unless it is more pro-business

Europe is facing a “silent crisis” unless it becomes more pro-business, more competitive and less regulatory, delegates at yesterday’s Ibec CEO conference heard.

Addressing the conference, Gary McGann — chief executive of paper and packaging giant Smurfit Kappa Group — said the EU needs to “revisit the drivers of European competitiveness”, adding that a more “pro-business climate” is needed and that leaders must “create wealth first then distribute it, not the other way around”.

In a not overly optimistic 20-minute address about Europe’s fitness for purpose, Mr McGann sounded a harsh warning: “Some people think we have a problem in Europe. I think it’s worse than that. There is a silent crisis creeping up on us, unless we act decisively now. If we don’t, then Europe is another Japan waiting to happen, with decades of no GDP, jobs, competitiveness, or population growth. We’re not doing enough, but if we act now we can resolve our problems.”