Europe needs ideas, Said Vodafone CEO
Vodafone chief says Europe needs innovation to restore growth
Vodafone CEO Vittorio Colao told CNN that he was less concerned about the risks of the U.S. deals with fiscal cliff than he had in the short term in Europe, where most economies are either in recession or stagnation.
"I'm a little more worried about Europe," Colao said in an interview with CNN International. "I think Europe needs to really tackle reform and really new way of thinking about how to ignite growth in the economy."
In Europe threaten the 17-nation euro zone economy contracts and even regional powerhouse Germany slipping back into recession in the first quarter of next year, according to the central bank. The United Kingdom fare no better, and only out of recession in the third quarter thanks to the Olympics and an extra day.
Vodafone said its operations in Italy and Spain with approximately $ 9.4 billion last month, using the hard-pressed customers in southern Europe fell.
EU leaders will try later this week to see the details of a single bank regulator agree, the first step toward a bank union in order to prevent future bank failures tilt eurozone governments into insolvency. Significant progress on further steps to closer economic and monetary union is unlikely before 2014.
In the United States, Colao said he is optimistic - even with the fiscal crisis cliff. "It is a great community with a great ability to restart, and I do not think the United States in the long term is a big problem to have," he said in the interview.
Economists say that the U.S. might slip back into recession as President Obama and Congress are able to come up with an agreement for scheduled automatic tax increases and spending cuts to avoid worth $ 500 billion into force next year. If cliff averted, U.S. growth is still slow next year.
Vodafone CEO Vittorio Colao told CNN that he was less concerned about the risks of the U.S. deals with fiscal cliff than he had in the short term in Europe, where most economies are either in recession or stagnation.
"I'm a little more worried about Europe," Colao said in an interview with CNN International. "I think Europe needs to really tackle reform and really new way of thinking about how to ignite growth in the economy."
In Europe threaten the 17-nation euro zone economy contracts and even regional powerhouse Germany slipping back into recession in the first quarter of next year, according to the central bank. The United Kingdom fare no better, and only out of recession in the third quarter thanks to the Olympics and an extra day.
Vodafone said its operations in Italy and Spain with approximately $ 9.4 billion last month, using the hard-pressed customers in southern Europe fell.
EU leaders will try later this week to see the details of a single bank regulator agree, the first step toward a bank union in order to prevent future bank failures tilt eurozone governments into insolvency. Significant progress on further steps to closer economic and monetary union is unlikely before 2014.
In the United States, Colao said he is optimistic - even with the fiscal crisis cliff. "It is a great community with a great ability to restart, and I do not think the United States in the long term is a big problem to have," he said in the interview.
Economists say that the U.S. might slip back into recession as President Obama and Congress are able to come up with an agreement for scheduled automatic tax increases and spending cuts to avoid worth $ 500 billion into force next year. If cliff averted, U.S. growth is still slow next year.
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