ABB CEO Warns of EU Job Crisis.

The chief executive of Swiss engineering giant ABB has issued a stark warning about Europe’s economic future, saying excessive regulation and rising energy costs could threaten competitiveness and lead to significant job losses across the European Union.

In an interview with the Financial Times, ABB CEO Morten Wierod called on EU policymakers to accelerate reforms and reduce bureaucratic barriers that he believes are slowing economic growth. He warned that failure to act quickly could result in a much deeper economic crisis and widespread unemployment.

Wierod expressed frustration over the slow implementation of recommendations proposed by former European Central Bank President Mario Draghi. According to the ABB chief, many of the suggested reforms aimed at strengthening Europe’s competitiveness have remained largely unimplemented despite being discussed for nearly two years.

The ABB leader argued that Europe must go beyond simply simplifying regulations. He believes certain rules should be removed entirely to strengthen the EU’s internal market and encourage investment, innovation, and business expansion. According to Wierod, these measures would help stimulate economic growth and improve the region’s ability to compete globally.

He also raised concerns about new European initiatives designed to reduce dependence on foreign technologies. While supporting the goal of stronger European industries, Wierod warned that strict “Made in Europe” requirements could increase costs for businesses and consumers while creating unintended economic consequences.

Another major challenge highlighted by the ABB CEO is energy pricing. Europe continues to face higher energy costs than the United States, placing manufacturers at a competitive disadvantage. Wierod noted that recent geopolitical tensions and higher gas prices are expected to keep energy costs elevated through 2026 and 2027.

Despite these concerns, Wierod emphasized that Europe still possesses significant strengths, including a highly skilled workforce, world-class education systems, and strong crisis-management capabilities. He pointed to Europe’s rapid reduction in dependence on Russian gas as evidence of the region’s ability to adapt during difficult circumstances.

The ABB chief joins a growing number of European business leaders urging policymakers to act faster. Many industry executives believe reducing red tape, encouraging innovation, and lowering business costs are essential steps to ensure Europe remains competitive in the global economy and protects future employment opportunities.