Swedish Ericsson Fears Technological Isolation from the U.S.: Europe Alone Cannot Cope 0 9

According to him, Europe lacks the capabilities to be technologically self-sufficient.

"All this rhetoric about sovereignty in Europe is dangerous. I do not believe that Europe today has the capabilities to be sovereign," Ekholm said in an interview with the agency at the World Economic Forum in Davos.

The head of Ericsson noted that Chinese Huawei has increased its market share in the EU over the past five years, even though some countries are reducing the use of Chinese equipment in critical telecommunications networks.

Attempts to create European alternatives to American technologies could lead to rising prices in Europe and further alienate Washington, he warned.

"I hope there will not be an overreaction from the European side," Ekholm said.

It is worth noting that Swedish Ericsson has benefited from U.S. efforts to persuade allies to abandon equipment from Chinese companies Huawei and ZTE on security grounds. The European Union is increasingly focusing on the risks associated with Chinese telecommunications equipment manufacturers amid deteriorating trade and political relations with China, the EU's second-largest trading partner.