Miklós Blahó on the wrong way out of the economic crisis

Can the EU compete with Asia and the US? Not if they overregulate the market, writes Miklós Blahó in the left-liberal paper Népszabadság: "The economic policy adopted by the new EU member states has failed to bring the desired results, both in relation to employment and to spending on research and development. In its tenth year the Lisbon programme no longer holds out any promises. The economic crisis which emerged from the financial one has done far more damage to the 27 EU states than to our 'embattled' partner overseas, or to China and other Asian countries. In view of the accumulated mountain of debt and rampant growth in unemployment the question must once more be asked: what is to be done? Certainly, improving competitiveness is in everyone's interests. ... But it is clear that the politicians who have fallen prey to the lure of populism are bending over backwards to accomodate the people's demands by curtailing capitalism with a tangled mass of regulations. It remains to be seen whether this will make European companies more competitive than their American and Chinese counterparts."

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