Between 1995 and 2009, Western Europe's entrepreneurs created jobs faster than the U.S. did, and European economies exported more than the BRIC countries of Brazil, Russia, India and China. Eastern Europe's productivity increased more rapidly than East Asia's.

Over time, Europeans have come to rely on governments to protect them from the rougher facets of private enterprise and to look after them in old age.

Asia can learn much from Europe. Trade could be made easier in Asia, and the conditions for doing business could be improved by reducing red tape. In this regard, Hong Kong, Singapore and South Korea have done better than the best in Europe.

Sri Mulyani Indrawati Quotes