JPMorgan Chase CEO Jamie Dimon criticized Canadian Prime Minister Mark Carney’s proposal for a coalition of "middle powers" during the Council on Foreign Relations’ CEO Speaker Series in June, calling the idea a "fantasy." Dimon argued that a similar approach in Europe has already been attempted and resulted in an economic downturn.
Dimon noted that Europe’s GDP has fallen from 90% of the United States’ to 70% since adopting this model. "They did that; it’s called Europe," he remarked, drawing laughter from the audience.
The JPMorgan executive attributed the decline in Europe’s economic competitiveness to high taxes, burdensome regulation, and weak capital formation. He characterized Europe as "anti-business" and warned that these factors could lead to further economic erosion and government debt loads nearing 100% of GDP. Dimon also observed that capital is moving from Europe to the United States.
Comparing the scale of U.S. capital markets to European exchanges, Dimon stated that U.S. markets total nearly $70 trillion, while European markets include Britain’s FTSE 100, Germany’s Deutsche Börse, and France’s Paris Bourse. He suggested that the U.S. stock market’s size reflects policies that encourage investment and economic expansion.
Dimon recommended that Europe focus on building a genuine common market and adopting growth-driving policies rather than creating new geopolitical blocs.
