Wednesday

20th Mar 2019

Europeans rebuff US-style capitalism and fear Asian competition

Citizens from the EU's biggest countries are pessimistic about the bloc's chances of standing up to economic competition from Asia and they overwhelmingly reject US-style capitalism, a new poll has shown.

The Germans (78%), French (73%) and Spanish (58%) are the most outspoken critics of the American economic model, while Britons (46%) and Italians (46%) have a less negative view of it, according to a survey by Harris agency published in the Financial Times on Monday (24 September).

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There is a widespread feeling among Europeans that multinational corporations are more powerful than national governments, with Germans and Spaniards most in favour of trade unions maintaining a role in influencing labour market conditions.

At the same time, most French respondents (63%) replied they did not think "the European economy can compete effectively against other rising economies in Asia, such as China and India," compared with Italians (55%) and Brits (41%).

Germans appeared a bit more confident both about this and about the future of their own national economy.

But people in all four big European countries were less positive about the EU's economic prospects in the face of Asian tigers than US respondents interviewed in the poll between 6 and 17 September.

Meanwhile, the survey shows the German population seems the most supportive (68%) of the European Central Bank's performance in the EU's monetary union.

The Britons and Italians are the least confident about the Frankfurt-based bank and the impact of its decisions on Europe's economy, according to the FT/Harris poll.

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