Back in the E.U.S.S.R.
Fifteen years after the demise of the Soviet Union, Europe still yearns for the good old days.
All across the Continent, west of the old Berlin Wall, economies are stagnant, GDP growth is anemic, and the powers that be persecute successful companies with malice aforethought. One wonders whether there’s a connection there.
In the latest example of Europe’s anti-free market bent, the European Commission issued an ultimatum to the credit card companies last week: Lower your prices or face fines of as much as 10% of your annual revenue. The reason: Competition Commissioner Neelie Kroes says card providers such as MasterCard, Visa, and American Express (NYSE: AXP) are earning “outrageous” profits and must be brought to heel.
Tags: Financial, Interesting, Microsoft, News, OpEd
