In an interview with Germany’s Welt, Morten Wierod, CEO of the Swiss energy company ABB, criticized Europe’s elites for focussing too much on regulations, instead of investments into innovation, forcing industrial companies to invest outside of Europe. This pre-programs mass unemployment, he warned.

In particular, pointing to the importance of Germany’s role as the leading industrial nation in Europe, Wierod criticized German energy policy. “The hasty shutdown of nuclear power plants was a mistake,” he said. Given the rising demand for electricity in industry and the economy at large, Europe must open up new energy sources. Wierod advocates small modular nuclear reactors to supply electricity in the future.