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Davos Leaders Criticize Europe's Economy, Urge Reforms

At the World Economic Forum, global leaders highlighted Europe's regulatory burdens and pessimism while calling for renewed investment and cultural shifts.

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European Central Bank president Christine Lagarde was speaking at the World Economic Forum in Davos.
Larry Fink, BlackRock’s chief executive, with Angela Rayner, the deputy prime minister, last October. Fink believes Europe is near a turning point
IMF managing director Kristalina Georgieva, left, with ECB chief Christine Lagarde in Davos on Friday

Overview

  • World Economic Forum attendees, including Donald Trump, Larry Fink, and Christine Lagarde, criticized Europe's slow growth, heavy regulations, and risk-averse culture.
  • Donald Trump accused the EU of unfair trade practices, citing VAT taxes and barriers to U.S. goods, while praising the U.S. economy's resilience and deregulatory approach.
  • Larry Fink, CEO of BlackRock, acknowledged Europe's challenges but argued that excessive pessimism about the region's prospects may present investment opportunities.
  • Christine Lagarde and other European leaders urged policymakers to address regulatory inefficiencies and energy costs to unlock the region's economic potential.
  • Business leaders emphasized the need for Europe to simplify regulations and foster a more entrepreneurial mindset to compete with the U.S. and China.