European governments should enforce competition, rather than intervening more in business
beat them, adopt their worst economic policies. Worried about the “aggressive strategies” of America and China, France’s president, Emmanuel Macron, issued a Europe-wide proclamation on March 4th that, among other things, proposed a new revolutionary era of government intervention in European Union businesses . “We cannot suffer in silence,” he declared, while other global powers flout the principles of “fair competition”.
Granted, Europe has never been a haven of unfettered free markets. The European Coal and Steel Community, the precursor to the, was created in 1951 to co-ordinate industrial activity. France has long adopted a dirigiste policy of strategic planning by enlightened technocrats. Nonetheless, by the 1990s, the state was in retreat.
Yet Mr Macron’s solution is self-defeating. Germany and France have urged on the merger of the rail divisions of Siemens and Alstom, which would have resulted in a firm with a 50% market share in Europe. But that would have pushed up the price of rail travel . Intervention often incites national rivalries, too. The Dutch bought into Air France-in order to offset French influence. It can be a recipe for cronyism.
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