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Electronics Production | April 11, 2005

Nokia CEO worries about Europe's decision-making incapacity

Jorma Ollila, president and CEO of Nokia, is worried about Europe's ability to make decisions in economic policy and perceive pressures building up in the economy, NewsRoom Finland reports.
Mr Ollila reminded that growth in Europe was in the region of 1.5 % and that unemployment was increasing. Growth in the US and especially Asia is at an entirely different level. Mr Ollila added that he saw no indicators that development would move ahead in Europe, according to NewsRoom Finland.

Mr. Ollila pointed out that Europe was in a new type of competitive situation. The ascent of the US economy on the one hand and the pressure applied by the Asian markets on the other add up to a situation where Europe no longer succeeds by doing things like it used to. "Adapting to this seems very hard. There is not much political leadership in sight," Mr Ollila stated.

"The economy will either wait for measures by the current leaders of the key EU states or content itself that we will instead witness a generational change and only then move on to the next stage in developing Europe,” Mr Ollila said.
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December 13 2018 1:08 pm V11.10.14-2