Published: September 23 2007 16:40 | Last updated: September 23 2007 16:40
Europeans have little faith that their continent can compete economically with fast-growing Asian countries – but are even more convinced that it should not become more like the US.
The wary attitude of Europeans towards US-style capitalism and the gloom of many about economic prospects are revealed in an FT/Harris poll. The results suggest even the recent revival in economic growth has not convinced Europeans that the Continent is on the right track.
Scepticism may have been intensified by the recent global financial market turmoil that has seen the euro soaring to record highs. The poll was conducted between September 6 and September 17.
It shows that multinational corporations are seen by Europeans as more powerful than governments, while those polled generally believed that regulations protecting workers’ rights should be strengthened rather than relaxed.
The French, Spanish and Italians were gloomy about their countries’ economic prospects, although they were more upbeat about Europe as a whole.
Germany stood out as an exception, however, with Germans more confident about the outlook for their country than Americans were about the US.
The same survey shows confidence in the European Central Bank’s ability to combat inflation and boost economic growth. But those polled were generally only moderately positive – often replying that they were “somewhat” rather than “very” or “extremely” confident in the ECB’s expertise.
Asked whether the European economy could compete effectively against rising economies in Asia, such as China and India, almost two-thirds of French respondents said No.
The figures for Italy, at 56 per cent, Germany, at 45 per cent, and the UK, at 41 per cent, were lower, but still higher than the percentage saying Europe could compete with such Asian countries. The difference was accounted for by those who were not sure.
When asked whether Europe’s economy should be more like that of the US, the results were clear-cut. Those saying it should not, included 78 per cent of Germans, 73 per cent of the French, 58 per cent of the Spanish. In both Italy and the UK, 46 per cent opposed the US model.
Among those polled in the US, 30 per cent thought Europe should be more like the US.
Asked if a free-market, capitalist economy was the best system, Spanish and German respondents agreed overall, but the French and Italians did not. The British were less clear, although there was more support than opposition for a “capitalist” system.
Copyright The Financial Times Limited 2007
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