The multiplying layers of unaccountable bureaucratic oversight inherent in the European Union continue to plague those few hearty innovators and entrepreneurs left in Old Europe. Meeting in Brussels yesterday, the heads of state of EU countries admitted that their grand strategy to overtake and surpass the United States has lost credibility.

The so—called 'Lisbon Strategy,' named after the city where it was adopted, grandl announced that the EU would cut red tape, and dismantle barriers to investment, has degenerated into an empty farce. Absent any meaningful compulsion (such as accountability to the EU's voters), Eurocrats are not about to give up their powers, just because it would make life easier for evil businesses. If you are convinced that arbitrary state power is best for the little people, how could you ever contemplate weakening it?

As a result, the Lisbon Strategy has gone nowhere. Just like the EU economies. While America, China, India, and now Japan are all starting to grow, Old Europe stagnates. Doing business there, especially if it involves hiring people, innovating, and just simple flexibility, remains hindered by the need to go to Brussels for permission.

While it is tempting to take some satisfaction in the continuing frustration of the Europeans, given their haughty attitude toward us, ultimately it does nobody any good to see Europe strangling on its own dirigiste impulses.

We wish the Western Europeans well: a speedy recovery from their mistaken policies.

Posted by Thomas   03 27 04