UBS (UBSG SW) CEO says Europe will continue to fall behind Asia and the US until politicians are forced into action by a severe crisis, adds that over-regulation has driven the decline in Europe, FT

UBS's CEO highlights a concerning perspective on Europe's competitiveness, suggesting that without significant political action prompted by crisis, the region will lag behind Asia and the US. This sentiment could spur market concerns about regulatory overreach and its impacts on European equities, particularly banks, which may struggle to regain their footing without a shift in policy direction.