Europe converged rapidly on the United States before stagnating
11 days ago
- #Regulation
- #Economic Growth
- #European Union
- Europe's post-WWII economic recovery was rapid, with per capita consumption tripling and work hours decreasing by 400 per year by 1980.
- European growth slowed significantly after 1980, with average annual growth dropping to 1.1% since 1995 and 0.7% since 2004.
- The European Union's regulatory overreach, including GDPR and AI Act, has stifled innovation and competitiveness.
- Proposals to revitalize Europe include enforcing internal market rules, eliminating directives, and creating specialized commercial courts.
- A '28th regime' is suggested to provide a supranational corporate framework, avoiding the pitfalls of previous attempts like the Societas Europaea.
- Sunset clauses and rigorous cost-benefit analyses are recommended to prevent regulatory stagnation and inefficiency.
- Europe's future prosperity hinges on refocusing on economic integration and innovation, learning from past successes in Eastern Europe.