ABB CEO Morten Wierod warned the European Union faces a severe crisis and mass unemployment without urgent deregulation.
Wierod told the Financial Times that European lawmakers show no sense of urgency in implementing reforms to improve competitiveness.
The CEO called for the EU to simplify and abolish regulations to stimulate economic growth and the internal market.
Europe’s competitiveness against the US is declining due to high energy prices.
High energy costs are expected to persist through 2026 and 2027.
Wierod cautioned that Made in Europe standards could unintentionally increase costs despite the region's skilled workforce.