Europe will open up to venture capitalists, says EU commissioner
by Dean Carroll
The European Commission will look at a reduction in legislation from Brussels in order to attract venture capitalists and boost investment across the continent, Antonio Tajani has told PublicServiceEurope.com. Acknowledging that some industry sectors thought Europe to be a hostile place to do business precisely because of commission red tape, the European Commissioner for Industry and Entrepreneurship said that Europe would learn from the United States experience - whereby venture capitalists were spending vast sums of money investing in new companies and products.
Looking to replicate this pump-priming of the economy and kick-start a financial recovery, the commissioner claimed that the key was to learn the lessons of what had worked in the American market – where government effectively stepped out of the way of entrepreneurs and investors. "I want to reduce regulation and increase the amount of venture capitalists in Europe," said Tajani. "We want to improve company access to finance, it is part of our mission for growth. I also want to see European cooperation with venture capitalist firms."
Earlier, Tajani had addressed the European People's Party Congress in Romania – telling delegates that Europe could only compete in a globalised world by way of high quality goods and services, rather than through large quantities and high volumes of products. He called for large-scale investment in research and development in order to diversify Europe's economy so that it was not so reliant on financial services.
Speaking at the same conference, European Commissioner for the Internal Market and Services Michel Barnier insisted that the new European Union industrial policy would boost R&D spending. "If we don't research together, we will have to buy from the Chinese or the Americans," said Barnier. "We have to maintain our manufacturing base; we cannot just be a continent that consumes if we want to be at the table with major economies in the world." Other measures like the Single European Patent and completion of the single market could also help to stabilise the European economy and provide an escape route out of the crisis – Barnier claimed.
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About time something is done about this, as a small business owner myself. I feel like I am being strangled.
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