DIY

7 Mar 2012 By Pierre Briançon

Sergio Marchionne says Brussels must take a lead in eliminating the industry’s excess capacity, by spreading needed cuts in production across the continent. But that’s not the EU’s job. Its remit is to ensure sound competition – which should help the sector take care of itself.

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Sergio Marchionne, the chief executive of Fiat, said on March 6 that the European Union should take the lead in taking out overcapacity in the continent’s car market.
“There needs to be a structural fix which is local, and which needs to be managed and addressed by the European Union as the holder and repository of the notion of the single market,” Marchionne said.
“Everybody is going to have hair which is an inch shorter, but everyone’s going to get the same haircut,” he added.

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