U.S. companies rely on the European market for more than half of their global foreign profits.
Sentiment: NEGATIVE
U.S. companies earn more from their investments in the EU than in the rest of the world combined.
Europe is very critical to the United States in the sense not only do we have a fourth of our exports there, but more importantly, a significant proportion of the foreign affiliate profits in fact, half of U.S. corporations, are in Europe.
Indeed, American companies make three times as much profits from their investment in one E.U. country, Ireland, than they do from all their investments in China.
While other countries have been securing large export deals, American companies have been placed at a competitive disadvantage - forced to compete globally with one hand tied behind their back.
Although 95 percent of the world's market for products exists outside the U.S., many small firms do not have the resources and personnel to take advantage of these opportunities.
What goes on in Europe concerns us greatly because, if Europe comes apart, the E.U. comes apart, then you're going to have enormous impact on America, that's a very big trading partner of ours, and people own securities around the world in this day and age.
In the United States, securities markets are much more developed than they are in Europe.
So Europe's a big driver. And at one point, if the euro hadn't devalued, they would have been making as much money as the US with half the stores. Returns were higher.
So Europe needs to be competitive and we also need to be competitive if we wish to remain an interesting economic partner for the United States. This has to be done on the basis of strength, of competitiveness.
It's my impression that investment in Europe is done for the right reasons. Europe is a very good place to do business; it's a large market.
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