Börje Ekholm, CEO of the Swedish telecommunications company Ericsson, criticizes European antitrust policy in an interview. He fears that over-regulation will undermine Europe’s competitiveness.

“Overregulation makes Europe irrelevant,” Ekholm said in an interview with the British newspaper Financial Times. Ericsson’s CEO is clearly not a fan of the European Union’s current antitrust rules. According to Ekholm, these are so far-reaching that Europe is undermining its own competitiveness. “We are on the way to becoming a museum: great food, great architecture, great scenery and great wine, but no longer an industry.”

It is not the first time that Ericsson’s CEO has criticized European politics. He has been annoyed for years by the slow pace at which 5G is taking off in Europe. Consolidation among major players could accelerate investment, but Europe often holds it back for fear of price increases. The EU would now consider reducing hurdles for mergers in the telecommunications sector.

Ekholm speaks primarily on behalf of his own portfolio and that of his company. Ericsson reported a fifteen percent decline in sales in the first quarter of this year. The company itself attributes this to “persistent market weakness”. With the disappearance of Huawei and other Chinese parties in many European countries, Ericsson is one of the biggest players in the European telecommunications industry. Competitor Nokia also reported a decline in sales.

The Swedish millionaire is confirmed in his assessment that Europe is too slow and risk-averse. Nicolai Tangen, CEO of Norway’s oil sovereign wealth fund, recently told the Financial Times that the European business environment is much less attractive than that of the United States. French President Emmanuel Macron even speaks of a “deadly threat” hovering over Europe.

“Europe is on the way to becoming a museum: great food, great architecture, great scenery and great wine, but no more industry.”

Börje Ekholm, CEO Ericsson