Head in the sand: EU Commission-designate Vestager ignores economic reality in answer to question on competitiveness
Steven asks Margrethe Vestager, commissioner-designate for the EU competition portfolio, how the EU has historically helped its member countries to be more competitive when statistics show that Europe’s share of world trade continues to plummet. In the 1970s, what is now the EU had 40% of global trade. Since the decision to become a 'political union' (in effect a single nation-state) the EU's market share has slipped to 25% of international trade. In a decade, it is predicted that this share will erode to 15%. Unbelievably, commissioner-to-be Vestager doesn’t recognise this reality. Not a good starting point!