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2/13, 6:36 PM (Source: TeleTrader)
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EU's Vestager rejects US, China as growth models

European Commissioner for Competition Margrethe Vestager defended in an interview published on Wednesday the European Union's concept of sustainable growth, as opposed to the models of the United States or China.

"Europe is today the best place to live in history. We obviously know how to do things right," the Danish politician told the Business Insider's German edition. "We want sustainable growth that creates jobs." Speaking on the criticism of blocking the Alstom-Siemens merger, Vestager stressed that the underlying principle was that "fair competition should serve the Europeans. It should not be a state-run economy like China, nor should it be as concentrated as the US allows." The two companies could possibly merge in the future, she explained, if they restructure their contract. "This decision is not the end of a story," she added.

When asked about the concerns over Huawei's 5G equipment being used in Europe, the commissioner elaborated that "it is very important to know what and with whom you are dealing with" when it comes to the 5G upgrade, where cybersecurity becomes more important than ever. "You do not always have to take the cheapest option," she stressed. The EU could possibly exclude the Chinese giant from the 5G buildup, Vestager told the outlet, if the facts prove the concerns legitimate. The decision, however, will be an independent one, regardless of the pressure from the US.

Breaking the News / NI