Europe’s economy faces a decade of drag as policy makers struggle to enact reforms, while China will keep meeting its short-term growth targets, JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said.
“Europe is going to be tough,” Dimon said yesterday at an event in Washington hosted by Politico as he predicted years of “sub-optimal growth” in the region. “They have all the same structural issues that you read about of other countries, but it’s 17 nations — and some of those structural issues have to be agreed upon in 17 parliaments and then by Brussels.”
The concern echoes that of U.S. Treasury Secretary Jacob J. Lew, who last month called on Europe to do more to avert a lost decade of growth. European Central Bank President Mario Draghi will lead the Governing Council today in its last policy meeting of 2014, when it will debate proposals on new tools to improve the economy.