When General Electric chairman Jack Welch came home with the news that the EU had squashed his ambitious plan for a merger with Honeywell, there were...
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Résumé
When General Electric chairman Jack Welch came home with the news that the EU had squashed his ambitious plan for a merger with Honeywell, there were predictable reactions. US Senators raced angrily to the TV cameras to complain that Europe had no right to impose his antitrust rules on a merger born and bred in the USA. The secretary of the Treasury complained that the European Commission was "meddling outside its juridiction." Some business colleagues urged Welch to say "To hell with Europe" and complete the merger anyway. Welch, the realist, rejected all these fantasies. The power that gave Europe the authority to say no, he explained, was plain enough : sheer market power. The unification of the continent has produced a single market bigger than the United States or Japan; no American business leader can say "To hell with Europe" anymore. When a sympathetic TV interviewer began griping about EU regulation of American business, Welch cut him short: "We have to do business with Europe, so we have no choice but to respect their law", he said. Then he added, in the tones of a man who have learned a hard lesson, "That really just the way the world works now."