The European Union risks "fading away" unless it boosts its competitiveness compared to the United States and China. French President Emmanuel Macron issued this warning during the Berlin Global Dialogue, according to Bloomberg.

Macron pointed out that the EU "over-regulates and under-invests", while Washington and Beijing have surged ahead in terms of economic growth and investments. He also emphasized that member states must ensure that global trade rules remain equitable, noting:

"The EU could collapse; we're at a pivotal crossroads. Our old model is outdated – we over-regulate and under-invest. If we stick to our traditional agenda over the next two to three years, we will exit the global market."

Macron urged the EU member states to support fostering cross-border companies that can stand up to American competition.

"Facing domestic fiscal challenges, Macron endorsed a temporary tax on France's largest companies, backing his new government’s strategy, even though it represents a shift from his earlier pro-business stance," the publication writes.

Recent Statements by Macron

In September, French President Emmanuel Macron spoke about "the peace of tomorrow", referring to the existing international order as unjust.

According to Macron, "we’ll need to rethink how Europe is organized and reconsider our relations with Russia after the war."

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