ABB CEO warns: Europe faces threat of mass unemployment if economy is not reformed

ABB CEO: EU Faces Threat of Mass Unemployment if It Does Not Reform Its Economy

Morten V. W. Viborg, CEO of the Swedish-Swiss multinational group ABB, stated that the European Union faces the threat of mass unemployment if it does not implement economic deregulation.

In an interview with a foreign media outlet, Viborg said: "I hope we won't have to face a larger crisis, which would mean mass unemployment. This shouldn't be a prerequisite for correctly understanding the urgency of the current situation... The single market or the EU needs to abolish a large number of regulations—not just simplify them, but actually eliminate them—to develop the single market and thereby stimulate economic growth."

In his view, plans introduced by the EU to reduce dependence on foreign technologies may lead to unforeseen consequences and increase costs.

Source: sputniknews

Original: toutiao.com/article/1867342102849804/

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