A Sharp Departure

Of course American businessmen make similar warnings. They say both the H-1B visa and the green card—the standard tickets into the U.S. job market for foreign professionals—are oversubscribed and expensive for employers. In 2007, the 85,000 H-1B visas were snapped up in a few months, at costs of up to $6,000. Backlogs in green-card applications often leave skilled workers in legal limbo for years. Microsoft's Bill Gates warned last year that such hurdles were shutting out "the world's best and brightest."

Still, Europe's obstacles may be harder to overcome. Perhaps the biggest issue is that Europe's heavily regulated business environment discourages migrants, says Steven D'Haeseleer of BusinessEurope, a Brussels group that represents EU employers. "The blue card would only have its full impact if it were introduced into a vibrant, wealth-creating economy," he says. "And at the moment that's much more the case in the United States." So at least when it comes to cards, it may be some time before blue is the new green.

© 2008