French President Emmanuel Macron stated at the Global Dialogue event in Berlin that the EU economy needs to become more competitive with the US and China, or it “could die.”
According to Macron, the 27-member bloc is falling behind Washington and Beijing, which have surpassed the EU in economic output and investment.
He warned that the European Union is in a precarious situation and could face significant challenges if it fails to deepen its single market and address “fragmentation.”
“The EU could die; we are on the brink of a very important moment,” the French president said.
“Our former model is over— we regulate too much and invest too little. In the next two to three years, if we follow our traditional agenda, we will be out of the market.”
Macron also cautioned that if the EU does not urgently reform its regulations, the bloc will be forced to implement a rescue plan within five to ten years.
He urged member states to push for fair global trade rules and called on Brussels to finalize its financial rules package for the banking union, Bloomberg reports.
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Source: Politika
Photo: Printscreen Instagram @emmanuelmacron