The following statement from the Software & Information Industry Association regarding yesterday’s report from former Italian Prime Minister Mario Draghi warning that the EU’s regulatory environment has weakened Europe’s ability to compete globally, can be attributed to Mort Skroejer, Senior Director for Technology Competition Policy.
Yesterday’s long-awaited report confirms what we have long known to be true: as a result of the EU’s heavy-handed regulatory approach, the continent’s technology sector is struggling to keep up with its U.S. competitors, productivity is low, and economic growth is anemic. Mr. Draghi describes this as an “existential challenge” for Europe. This seminal report makes clear that overly aggressive European policies attacking innovative companies have left Europe’s citizens worse off and have hamstrung the very businesses that could have provided future growth and innovation.
While some U.S. lawmakers have toyed with the idea of trying to bring these same European-style regulations to the United States, the report demonstrates that doing so would put America’s ability to continue to be the world’s technological leader at risk. In light of the Draghi report and its dire warnings, American policymakers should be wary of importing provably bad European policies that will harm consumers and weaken our ability to compete on the global stage.
