How the world sees Greece
Tax inspectors who did random audits between July 27 and August 2 found out that almost 90 percent of businesses that evade taxes do not issue receipts. According to figures released by the General Secretariat of Public Revenue (GGDE), 18 percent of businesses inspected evade taxes with an average of three tax offenses each. The
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Greece's economic crisis, going back to a worldwide recession in 2008, has cost it 229,000 businesses and 700,000 jobs. The post Greece Has Lost 229,000 Businesses appeared first on The National Herald.
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ATHENS, Greece (AP) -- Dimitris Bokas keeps meticulous records of the bathroom fixtures he sells from his small shop in the quiet middle-class residential neighborhood of Koukaki near the center of Athens — just in case a tax inspector makes a surprise ...
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ATHENS, Greece (AP) — Dimitris Bokas keeps meticulous records of the bathroom fixtures he sells from his small shop in the quiet middle-class residential neighborhood of Koukaki near the center of Athens — just in case a tax inspector makes a surprise visit to ensure Greece's 23 percent sales tax is being collected and reported correctly.
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Long before Nirvana was a band, it was simply a state of bliss or pure happiness – an idyllic place to take one’s mind. What would that look like for a marketing leader? Reaching a state of nirvana for a marketer today would require delivering such an awe-inspiring, engaging customer experience that it seems as if they are truly marketing to an audience of one. Unfortunately, reality is that the majority of marketers today are a long way from this state of bliss. A recent report from the CMO Council indicated that only 28% of marketers say they are capable of delivering a personalized customer experience today. And only 20% of companies have a comprehensive view of engagements and touch points across the stages of the customer lifecycle. While chanting “OMMMMM” is satisfying for many, it isn't likely to resolve these challenges for marketing organizations. So what will? The Customer Edge recently published an inspiring blog series, 7 Steps to Marketing Nirvana, offering valuable advice and tips for marketers to get started on their journey to reinvent the customer experience for their business with the individual customer at the center of everything. Below is an overview of the blog series featuring quotes from the thought leaders who contributors: Step 1: According to Laurie Hawkins, the first step on the journey to achieving marketing nirvana, upon which everything else hinges, is to unify your customer data so that your business can provide a single view of the customer to all the customer-facing teams. And this not only requires that systems are integrated but also that the IT and marketing teams partner to reach this goal. Step 2: Zeno of Citium was a Greek philosopher who famously observed, “We have two ears and one mouth, so we should listen more than we say.” Bernard Chung wrote that this timeless advice applies to many business organizations today that would like real-time insights into their customers. Just like in any good interpersonal relationship, the key to understanding customer insights is to listen for and monitor customer signals that reveal customer intent and motivations. Step 3: Johann Wrede advises modern marketers to stop using the F word. “It’s about the journey, not the destination.” These words are more true than they have ever been. From the moment of first awareness, the buyer is beginning a process that will ultimately lead them to become a customer (or not) and share their experiences, both good and bad (or not), and remain loyal to your products or services (or not). Businesses today are digging into the convoluted journey that their customers take, from awareness to purchase and on through use to advocacy, and mapping out some of the myriad ways that this could go. This outside-in approach pays dividends because it quickly exposes gaps in channels, processes, and customer insight, which, once identified, can readily be fixed. Step 4: Liz Miller of CMO Council encourages organizations to develop a connected customer journey. As marketers, we have navigated the waters of digital campaigns and made our way forward channel by channel, taking a little more risk with every leap. E-mail? Done. Web experience? Please, that’s so last year. But then it happens. Our customers raise the bar, and now we have to combine all of our “random acts of marketing” into a connected journey. We need to step beyond mass personalization and actually engage with the ultimate micro-segment … the audience of one. Step 5: Brent Leary, CRM analyst, advises brands to embrace marketing-powered business models. He says that marketing has moved to a front-seat position and sits side by side with merchandise as the two big drivers of business – in terms of the levers that can be pulled to be relevant and successful when it comes to staying in front of current and prospective customers. The impact of digital content, in all of its many forms, and its ability to capture the attention of modern consumers has definitely raised marketing’s importance within the organization. Step 6: Customer insight is the holy grail of customer experience, according to Kaan Turnali. Businesses invest a lot of time and resources to better understand who their customers are, what they like, and what they don’t like. Data is a strategic asset and can help us gain better and deeper customer insight. It plays a critical role regardless of the business, industry, or size of an organization. Step 7: Dave Hutchison encourages businesses to earn customer advocacy via personalization and trust. He wrote that it is achieved at the moment we become the default, go-to solution for our audiences. It’s getting their vote without asking; being the vendor they think about first when they need an answer. It’s being a trusted advisor and a trusted source of information, and it doesn’t come easy.
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Welcome to Main Street Morning, The Washington Post’s daily collection of news affecting entrepreneurs, start-ups and small businesses with a special focus on policy and government.Here’s what’s affecting my small business my clients and other entrepreneurs today.Read full article
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The new omnibus bill presented by the Greek ministry of finance will be tabled in parliament on Thursday in order to expedite negotiations with creditors and reach an intermediate deal. The new bill includes several measures and reforms such as methods of tackling tax evasion, revenue increase from value added tax collection, strict penalties for tax evaders and protection of primary residences from foreclosure. The measures will be presented to lenders as the agreement of February 20 requires. The draft has 12 main points: 1. Restriction in transactions with cash. So far, the law allows that transactions under 1,500 can be paid in cash. The limit will be reduced drastically, down to 100 euros perhaps. 2. Stricter penalties for tax evasion. In case of undeclared revenues, there will be no penalties but criminal prosecution. 3. Taxpayers will be getting bonus points for early payment of taxes. The bonus points will translate in tax deductions, faster return and so on. 4. Alternatively, the ministry may introduce the “receipt lottery” for tackling VAT evasion. Since many retailers and service providers do not give receipts, the motive to use a receipt as a lottery ticket would make consumers to demand receipts for products and services. 5. Electronic monitoring of businesses. The General Secretariat for Public Revenue will have the right to create bogus businesses that would attempt to make electronic transactions with businesses suspected of tax evasion. The secretariat will create a new agency that will focus on electronic trade only, while there will be more auditing in businesses that work through the internet. 6. There will be mechanisms for confiscating wages of 1,500 euros and over of people who are evading taxes or owe to the state. The law regarding bank deposit boxes will be amended. 7. Measures for tackling oil smuggling, and contraband cigarettes and alcohol will be implemented. There will be mobile customs units that will be able to conduct investigation on the spot when there is suspicion of fake product trade. It is estimated that the government will collect 250-400 million euros in 2015 and 400 million in 2016. 8. Tax revenues from television advertising. As of June, television advertising will be taxed. The measure may apply to electronic media as well such as news websites. Estimated revenues 50-70 million euros. 9. Television frequencies belong to the Greek state therefore television channel licenses will be auctioned, based on OECD directives. Estimated revenues will be up to 380 million euros in 2015. 10. Licensing of electronic gambling. The government will sell licenses for electronic gambling providers. Every license will have an advance fee of 3 million euros. Furthermore, taxation of electronic gambling would bring revenues of up to 500 million euros per year. 11. Council for fiscal matters. The new council will make macroeconomics projections and monitor the state budget. It will be unified with the existing Office of State Budget that operates in the Greek Parliament. 12. Protection of primary residence from foreclosure and overall protection from bank confiscations for private debts. Five measures that were originally on the list proposed by Finance Minister Yanis Varoufakis take the back-burner: 1. Elimination of tax exemptions. 2. Increase in luxury tax. 3. Payments to public utility companies will be made by debit card. 4. Part-time tax evasion “fighters” who will act as consumers in order to find tax evading businesses. 5. Revenues from Greece’s cultural heritage, such as raising museum entrance fees.
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Prominent members of the Greek business world say that 200,000 small-to-medium businesses are in danger of financial asphyxiation. The continuation of the economic crisis is leading small companies and businesses to a deadlock. Even businesses that managed to survive the five-year recession are facing serious financial problems, even bankruptcy. Georgios Karanikas, General Secretary of the Hellenic Confederation of Commerce and Entrepreneurship said that unless the Greek government comes to an agreement with creditors, the Greek market will not recover. He also said that the stalling of negotiations and general uncertainty has left the market frozen. Thousands of small companies and businesses have trouble meeting even basic funding needs such as paying the electricity bill, insurance, wages and sourcing. President of the Union of Hellenic Chambers of Commerce and Industry Constantine Michalos said that, “the current situation not only threatens those who are at breaking point, and those who survived the crisis years, invested, restrained wages, paid taxes and avoided layoffs. It is threatening even healthy businesses.” Both businessmen stressed the need for a bailout agreement that will reassure the Greek market that the country is not heading for bankruptcy.
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A GROUP of Cypriot businesses with strong presence in Greek markets have engaged the Cyprus Chamber of Commerce and Industry, and will meet ...
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Good morning. Here's everything you need to know before you head into your first meeting. 1. These 16 well-known brands started off their lives as products for the military, or companies founded during the war. Some are rather surprising. 2. Some of these modern ads are even more sexist than their "Mad Men" era counterparts. While demeaning ads were more prominent in the 1950s and 1960s, these modern ads could give them a run for their money. 3. US cable TV operator Cablevision wants to buy the New York Daily News for $1, Reuters reports.The offer would come one month after New York media and real estate magnate Mortimer Zuckerman said he was considering selling the newspaper and had hired Lazard Ltd to assist with the process. 4. Starbucks is going to start selling smoothies with Greek yogurt and kale in some locations. The rollout comes as Starbucks seeks to double food sales. 5. Meet the 'Shazam for fashion,' an app that listens to the TV shows you're watching and tells you what the actors are wearing. Spylight works with TV and movie studios to ensure that it shows you the exact brand and product worn by the actors, and if it's an expensive designer item it'll show you cheaper alternatives too. 6. McDonald's is going to start offering an all-day breakfast menu at several locations in San Diego next month, the company told Business Insider Monday. Here's everything you need to know. 7. Jay Z relaunched his Tidal music streaming service on Monday. He has managed to persuade some of the biggest names in music — including Kanye West, Usher, Arcade Fire, Daft Punk, and Madonna — to support it and star in its marketing campaign. 8. WPP's programmatic advertising platform Xaxis has acquired US mobile e-commerce adtech company ActionX, the advertising agency holding group announced on Monday. Financial terms of the deal were not disclosed. ActionX specializes in tracking and targeting consumers with ads across multiple devices and is backed by Verizon Ventures, the wireless company's venture capital arm. 9. Tumblr has hired Stephanie Dolgins as its first chief marketing officer, Re/code reports. Douglas joins Tumblr from her own marketing agency Dolgins & Company, and she was previously a senior vice president at AOL. 10. ZenithOptimedia has lowered its global ad spending forecast for 2015 and 2016, The Wall Street Journal's CMO Today reports. The agency cites the deepening recession in Eastern Europe and slowing growth in China for its revision — ad spending is estimated to increase 4.4% to $544 billion this year, compared with its prior forecast of 4.9% growth.Join the conversation about this story » NOW WATCH: Liam Neeson transformed what could have been an ordinary mobile game ad into a Super Bowl great
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Good morning. Before you wind down for the weekend, catch up on the most important stories in the advertising world today. 1. Time Inc. is making a huge ambitious bet to become a tech company. The magazine publisher accelerating partnerships with tech businesses, most recently IFTTT, and is looking at developing its own standalone apps and tech. 2. Google is letting companies rack up hundreds of thousands of dollars in ad revenue — then taking it away. One business has sued Google for $1 million in revenue it allegedly earned from AdSense ads, which Google declined to pass to the company. 3. Unilever has dropped its lawsuit against Hampton Creek’s Just Mayo. Hellmann’s maker Unilever had said that “Just Mayo” has no eggs, therefore doesn’t meet the definition of mayonnaise, but it has now withdrawn the suit so Hampton Greek can address its label issue directly with industry groups and regulatory authorities. 4. YouGov’s BrandIndex has ranked the restaurant chains that have the highest brand loyalty amongst millennials. McDonald’s, Taco Bell and Wendy’s are not in the top 5. 5. Instagram has begun to delete millions of accounts. It is cracking down on spammers and fake accounts, but people are freaking out. 6. From start to finish, this is how beacons send ads to your phone while you’re shopping. From creating a target customer called “Jennifer,” to an ad landing on her phone while she does her grocery shopping. 7. These are the 15 hottest up and coming models. You’ll see many of these people fronting ad campaigns in 2015. 8. Bustle, the one-year-old publication for women, now has 20 million monthly readers and has just raised a $15.5 million round of financing. Bustle founder Bryan Goldberg tells Business Insider the site will pull in more than $1 million in the fourth quarter of this year, largely from native advertising. 9. NBC Universal is offering social media guarantees to advertising, AdAge reports. NBC’s new “Social Synch” product guarantees impressions on social media, elevating the role of social media in ad deals and trying to attract advertisers who are increasingly thinking digital-first. 10. Google is making it easier for brands to figure out if online ads actually drive in-store traffic, Adweek reports. Its new “store visits” tool uses an algorithm to estimate how many people went into a store within 30 days of seeing a search ad. Join the conversation about this story »
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A few months ago I wrote about young people setting up small businesses in Bangladesh, and how we are helping them. We have learned a lot so far and we have planted many exciting seeds. Today, I would like to tell you more about the same efforts of planting seeds in Albania, where we are helping entrepreneurs develop their social businesses. Albania is a small country on the Mediterranean Sea, across from Italy and north of Greece. After a long period of isolation and Communist regime, it has opened up to new ideas and it hopes to soon become part of the European Union. But there are still plenty of problems, including rural poverty, youth unemployment and old-age isolation. For example, a quarter of young people are unemployed -- and since more than a third of the population is under 25, that's a big problem. Also, as young people are forced to leave home (and in many cases, to go abroad) to find work, the countryside is left without young, inspired minds that could help drive change. Older people are being left stranded, with no one to care for them. Photo: The beginning of a journey: The next cycle of the Yunus Social Business Accelerator program in Albania was kicked off during the Social Business Week Albania Traditional businesses in Albania do not address these issues and people as they are not profitable enough or just too difficult to tackle. But the government and NGOs can't solve all these problems either. Their financial means are very limited and the great projects they are running very much depend on donations, which are decreasing as international donors pull out. That's why a new generation of entrepreneurs is turning towards the idea of social business. Social businesses are companies created with the sole purpose of solving a social problem. They do that in a business way and once the business is making a profit, it can continue to create social impact. All profits that it generates are reinvested into the same or other social businesses. In the past I have created plenty of these in Bangladesh, and the idea has been catching on in many other countries -- including now in Albania. Two years ago I visited Albania for the first time, and I met many of the entrepreneurs who were planting the seeds of new social businesses. There was a café providing employment to disabled people (my colleague from Yunus Social Business -- Global Initiatives, Saskia, wrote about it on the Huffington Post), an old people's home (which is a new concept in Albania), a company packaging and marketing home-made delicacies from rural areas, and an organic farm, amongst others. Our team helped them on the ground to develop their business models, and then financed them with loans and equity, not donations, because these should be businesses, not charities. But did it work? That's what I wanted to find out. So earlier this month I returned to Albania, to see if and how these seeds had sprouted. I also wanted to give encouragement and advice to the next batch of social business entrepreneurs that my team is helping. Photo: The seeds that have been planted: Visiting a social business that uses scrap wood to manufacture furniture and employs people from marginalized groups Well, the good news is that most of the social businesses have made it through the past two years, and are working their way towards success. As many of you may already be suspecting, it hasn't been easy for any of them -- I don't think entrepreneurship ever is! -- and we have also lost a few along the way. But the old people's home has been built and opened; its serving its clients and their families well. When I visited, I talked to families that were in tears out of thankfulness for the great offers that the home provides. Even better, it will be earning more money than it spends in the next few months and can reinvest the profits to further increase day care and home care services. A new café for disabled integration is loved by its regulars. It faced a few challenges in the first months and the team in Albania helped the entrepreneurs to bring it back on track. Now, it is doing well and on track to become break-even as well. The delicacies company is scaling up from pilot phase to full operation. We did not manage to find a business model for the organic farm, unfortunately, and did not proceed with financing. The team did, however, find and finance another entrepreneur who now grows and harvests organic medicinal and aromatic herbs and already employs 50 people after only few months of operations. What really struck me during this second visit to Albania was how many more people now know about social business and want to get involved. Two years ago, it was a real struggle to find enough good entrepreneurs to join our program. Last year, we had 100 applicants. This time around, we have received more than 250 applications. I'm excited about ideas for community-based rural tourism, mobile services for smallholder farmers, and turning waste materials into furniture and jewelry, amongst others. Institutions and local leaders also have a much better understanding of social business and are now inspired by the great work on the ground. The media attention has definitely helped as well -- one TV channel even did a TV competition with us for social business entrepreneurs (the disabled-integration café was the winner) and there have been five TV appearances by social businesses this year alone. Fundamentally, I think it's because people are seeing these new social businesses starting to make real differences in their communities. It's very early still, and of course all of these projects are still very small. But people are getting inspired and we have heard about 10 more social businesses that have been started this year with or even without our help -- which is great! Now, Yunus Social Business Albania is excited to turn the small seeds of social businesses into large trees -- it is just a question of support and patience. I'm already looking forward to seeing the growth the next time I visit Albania. Meanwhile, other countries in the region want to join in too. Already two social entrepreneurs from Kosovo are joining their Albanian peers for the next entrepreneurship program. So the seeds are spreading and so is the excitement of using creativity and business to address the greatest challenges we face.
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The Greece Chamber of Commerce today announced six local businesses have been selected as finalists for their Small Business of the Year and ...
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Here are the most exciting things going on in the advertising world today. 1. Samsung is set to end its sponsorship of Chelsea FC. Turkish Airlines is set to take over as kit sponsor, but also potentially signing a much larger contract that could include the stadium, training ground and training kit. 2. Omnicom is advising its clients to move as much as 25% of their TV budgets to online video. TV is just not as attractive a proposition as more flexible, accountable digital formats, Omnicom Media Group’s CEO Daryl Simm told the Wall Street Journal. 3. A bestselling author has launched a lawsuit over Greek yogurt brand Chobani’s use of the word “how” in its ads. Dov Seidman, who wrote a business management book called “How: Why How We Do Anything Means Everything” claims the campaign infringes on his trademark of the word “how”. 4. New York City has told a company installing advertising beacons inside Manhattan phone booths to remove them. A spokesman for New York City Mayor Bill de Blasio told BuzzFeed News the devices will be gone within days. 5. A juice company has launched an outdoor ad campaign that could be seen as being deliberately offensive in order to attract attention. One of the slogans reads: “Naturally sweet. Unlike most men.” 6. McDonald’s is going gourmet and high tech. The trial, running in Sydney, Australia, offers customers a touch-screen to order build their own burger made up of brioche buns, four kinds of cheeses, nine different sauces, and all served on wooden blocks. 7. Little Caesars’ Pretzel Pizza commercial was the most-remembered ad amongst US Millennials last month, according to Nielsen. 8. Adweek has asked Millennials “what they really want”. Lena Dunham, iPhones and more successful Tinder dates, apparently. 9. AdExchanger explores the relationship between Kraft, Starcom and Turn. Its analysis explains how brand, agency and vendor have being putting old media practices “out to pasture”. 10. Sony is launching an internet TV service that will carry 100 channels and will set customers back as much as $80 a month, according to the New York Post, a move that could open up interesting targeted advertising options for brands. The report comes a month after Sony signed a big deal with Viacom to carry 22 of its channels, including Nickelodeon, Comedy Central and MTV. Join the conversation about this story »
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by Eric Schmidt Innovation isn’t easy. It takes courage to experiment and advance a new idea and determination to ensure its widespread use. Europe has always excelled at this. Radio, television, and the standard for second-generation mobile communications, GSM, all originated in Europe. But past success won’t ensure Europe’s long tradition of innovation continues. New technologies require more risk-taking and the ability to launch new products with speed and scale. There is no doubt that Europe is poised to embrace the new, digital world. Its citizens have the education, skills, and ambition needed to create great technology companies that will drive economic growth and employment. At the same time, Europe needs to reform and forge a true digital single market. This will give European entrepreneurs, who have all the right building blocks, the incentive to invest and the ability to achieve global scale at greater speed. Significant political will needs to be mustered to support these changes and ensure Europe’s startups succeed. It’s time for action. Instead of riding the wave of technological change and innovation, inaction will put Europe’s economy at risk. This requires strong leadership. As European Commissioner, Neelie Kroes had the courage to take promote new ideas, even if they disrupted existing industries. When a Belgian court banned the taxi sharing service Uber, she cried foul. “We cannot address these challenges by ignoring them, by going on strike, or by trying to ban these innovations out of existence,” she tweeted. The Opportunity Let’s look first at Europe’s digital opportunity. On a continent in search of economic hope, the Internet represents the main motor of growth. According to the OECD, the online world accounts for up to 13 percent of economic output and is driving the creation of new companies, new jobs, and new opportunities. While many traditional industries are facing tough times, Internet companies are pouring billions into new offices, development centers, and research laboratories. The Internet lowers costs, increases access to markets and makes starting a business easier than ever before. It allows, with a few clicks of a mouse, a Greek B&B owner, a French fashion designer, and a Swedish candy maker to reach a global marketplace. Small and medium-sized enterprises with websites and online marketing are growing four times faster than those without. Companies that embrace digital, on average, generate 9% more revenue through their existing assets, and their profitability outperforms that of their non-digital peers by 26%. If Europe’s single market becomes truly and thoroughly digital, the macroeconomic benefits would be enormous. Reform could raise the EU’s GDP by at least 4% by 2020, and generate up to EUR250 billion of additional growth (see European Policy Centre). Europe’s digital businesses no longer would have to get individual licenses to operate in 28 different countries. If regulatory barriers are removed, startups could directly access half a billion European consumers, a market that’s larger than the US, where technology companies have the ability to achieve scale before they expand internationally.Bits and bytes having an impact beyond the established Internet sector, too. Think of energy. Smart thermostats from Nest and Honeywell are already giving people unprecedented opportunities to use energy more efficiently. Since Nest launched its first thermostat in 2011, its customers have already saved about 2 billion kilowatt hours of energy compared to what they would have used if they left their thermostats at a consistent temperature. That’s enough energy to power more than 180,000 homes for a year. A combination of technological advances will make it possible for Europe to transition away from intensive consumption to a more sustainable and efficient digital-powered energy model. Getting Europe Back to Work Perhaps Europe’s most pressing problem is its high unemployment rate, which seems stuck at twice the U.S. level. Digital entrepreneurship is central to helping get Europeans back to work. Conventional wisdom says that small businesses are the source of new job growth. It’s important to distinguish between new firms and small businesses. They are not the same thing. The truth is, studies show, new jobs are not created by small businesses. They are created by new businesses -and in particular, fast-growing new businesses. Fortunately, the Internet making it easier and easier to start new companies. In order to solve its jobs crisis, Europe must encourage the risk takers. High-tech jobs pay better than low-tech ones and promote higher wage growth more broadly. Best of all, they have a multiplying function: every high-tech job creates four other jobs in Europe. Bright Signs Both the EU and national governments have shown a commitment to understanding the potential of data-driven innovation and to supporting digital startups and entrepreneurship. Europe’s startup scene is vibrant and growing: Shazam and King in the UK, Criteo and BlaBlaCars in France, Spotify and Skype in the Nordics. Soundcloud in Germany. Silicon Valley-style high-density hubs of talented thinkers are emerging. Policymakers are encouraging startup density by creating physical startup centers that drive awareness in the media, foster networks with mentors, and reduce barriers that make it difficult for academics and research networks to connect with businesses. This type of density is already visible in parts of Europe, notably in Berlin and in London’s Tech City. Imagine if this vibrant European entrepreneurial scene could benefit from a digital single market, which would end the need for obtaining different national licenses and reduce regulatory red tape. High-growth firms and technology-intensive startups suddenly could scale-up and compete more vigorously in the global marketplace. Much Hard Work Remains Ahead Where does Europe fall short and what else does Europe need to do to embrace a dynamic information society? Traditional European companies and industries have lagged in adopting new technologies, disadvantaging them in an increasingly competitive global marketplace. A recent study completed by the Lisbon Council and the Conference Board found that a Information and Communications Technology represented a much smaller share of total investment in Europe than in the US, and that this had a significant impact on economic growth. Labor markets are another key area for reform. Most of Europe has the skills and experience necessary to build new products, services, and businesses. There’s always more to be done in terms of expanding these attributes, but what is equally important is ensuring employees can repurpose their skills, training, and expertise in new firms and new sectors. In Europe, flexible labor markets are a particular challenge that deserve serious consideration. Another important challenge is accepting failure. Entrepreneurs are risk-takers, and emerge more readily in cultures where risk-taking is encouraged. Talented and skilled Europeans must see starting their own business or joining a startup as a viable career path. A thriving startup ecosystem relies on easy access to capital. Europe needs tax incentives and other proactive measures that make it easier for startups to get funding. Governments should think carefully about the balance between driving growth and taxing capital. Most of all, Europe needs to accept and embrace disruption. The old ways of doing things need to face competition that forces them to innovate. Uber, for example, is shaking up the taxi market -- for the good. It offers riders convenience and cheaper fares. Understandably, the incumbent taxi industry is unhappy. The new European Commission president Jean-Claude Juncker understands these priorities. In the Wall Street Journal, he recently called for the completion of Europe’s digital single market, called for tearing “down our regulatory walls and finally move from 28 national markets to a single digital market. For this to happen, we have to get serious: We have to end the regulatory silos in telecoms and copyright regulation, in data protection and in the application of European competition rules. This requires political determination. There will be resistance, as the current fragmented regime has created very convenient, well-protected comfort zones for some players. But Europe would miss a historic opportunity if we fail to tackle this challenge head-on.” I agree completely. If everything stays the same, innovation will be stifled and startups strangled. New businesses promoting new ideas should not be held back by bureaucratic or regulatory hurdles. Success is never guaranteed, especially in an area that is as competitive and fast-changing as technology, but Europe has all the right ingredients. It must redouble its commitment to the single market and steel its nerve to permit disruptive innovations. If the new European Commission manages to introduce effective reform, Europe will play a leading role in the global digital economy and be a better place to work and live.
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Economic, historical and cultural factors have prevented Greek law firms from growing in size like their European peers and enjoying the significant ...
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