Europe better than its reputation
"The best defense against crisis are prudent savings measures and investments in education and R&D"
Europe's economy stronger than the US
The Europeans, shaken from the crisis in Greece, want to cut national debt while the US is bedeviling the savings packages as being too austere. They say it has the potential to smother recovery, which was a big bone of contention at the G20 Summit in Toronto. Nevertheless, Europe is economically much stronger than the US and, according to one consultant, should be much more self-confident.
Manufacturing is strength
Saving and stimulus packages, both are necessary says Burkhard Schwenker, CEO at Roland Berger Strategy Consultants. Schwenker believes Europe is in a better position than the US, because Europe's strength is its manufacturing sector. US criticism of European savings packages may simply be a ploy to distract from the country's own problems.
Necessary to save
We need to save, states Schwenker, but in the right areas. These savings should be used to push growth. This is one area on which both Schwenker and President Obama see eye to eye.
More self-confidence
Europe needs to be more confident about its economic strengths, says Schwenker. For example, over the past 10 years, Europe has created 18 million new jobs while per capita wealth rose by more than 13%. We need more of Europe for the future, and especially the European domestic market needs to be united even better.
Relief for companies
Overall, business must become easier in Europe. This would encourage competition and strengthen the entire European economy, says consultant Schwenker. The best defense against crisis are prudent savings measures and investments in education and R&D. After all, this provides the basis for growth.
Text by Barbara Krommer , June 26, 2010
The Europeans, shaken from the crisis in Greece, want to cut national debt while the US is bedeviling the savings packages as being too austere. They say it has the potential to smother recovery, which was a big bone of contention at the G20 Summit in Toronto. Nevertheless, Europe is economically much stronger than the US and, according to one consultant, should be much more self-confident.
Manufacturing is strength
Saving and stimulus packages, both are necessary says Burkhard Schwenker, CEO at Roland Berger Strategy Consultants. Schwenker believes Europe is in a better position than the US, because Europe's strength is its manufacturing sector. US criticism of European savings packages may simply be a ploy to distract from the country's own problems.
Necessary to save
We need to save, states Schwenker, but in the right areas. These savings should be used to push growth. This is one area on which both Schwenker and President Obama see eye to eye.
More self-confidence
Europe needs to be more confident about its economic strengths, says Schwenker. For example, over the past 10 years, Europe has created 18 million new jobs while per capita wealth rose by more than 13%. We need more of Europe for the future, and especially the European domestic market needs to be united even better.
Relief for companies
Overall, business must become easier in Europe. This would encourage competition and strengthen the entire European economy, says consultant Schwenker. The best defense against crisis are prudent savings measures and investments in education and R&D. After all, this provides the basis for growth.
Text by Barbara Krommer , June 26, 2010
Language
English | German
Austrian radio channel Ö1
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