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Macron issues warning saying EU ‘could die’
(MENAFN) French President Emmanuel Macron has issued a stark warning about the future of the European Union, stating that without significant reforms and increased competitiveness, the bloc could face dire consequences. Speaking at the Berlin Global Dialogue event on Wednesday, Macron emphasized that the European Union is currently trailing behind the economic powerhouses of the United States and China in both output and investment.
Macron expressed concern over what he described as the European Union 's precarious situation, highlighting the urgent need to deepen the single market and tackle existing fragmentation. "The European Union could die; we are on the verge of a very important moment," he cautioned, underscoring the gravity of the current economic landscape.
He pointed out that the European Union 's traditional economic model is no longer viable, indicating that it suffers from excessive regulation and insufficient investment. "If we continue on our classical agenda, we will be out of the market in the next two to three years," he stated, calling for immediate action to address these issues.
The French president also highlighted the potential repercussions of failing to reform regulations, warning that the European Union could be compelled to implement a costly rescue plan within the next five to ten years if current trends persist. This urgent call to action aligns with the findings in a recent report on economic competitiveness authored by former European Central Bank President Mario Draghi.
In his report, Draghi asserted that the European Union requires an annual investment of EUR800 billion (approximately USD890 billion), which constitutes about 4.5 percent of the bloc's total GDP, merely to keep pace with the economic advancements of the U.S. and China. Macron echoed this sentiment, advocating for member states to push for fair global trade rules and urging Brussels to finalize its banking union package to strengthen financial regulations.
As the European Union grapples with its economic challenges, Macron's remarks serve as a wake-up call for leaders within the bloc to take decisive steps toward revitalizing the economy and ensuring its long-term sustainability in an increasingly competitive global landscape.
Macron expressed concern over what he described as the European Union 's precarious situation, highlighting the urgent need to deepen the single market and tackle existing fragmentation. "The European Union could die; we are on the verge of a very important moment," he cautioned, underscoring the gravity of the current economic landscape.
He pointed out that the European Union 's traditional economic model is no longer viable, indicating that it suffers from excessive regulation and insufficient investment. "If we continue on our classical agenda, we will be out of the market in the next two to three years," he stated, calling for immediate action to address these issues.
The French president also highlighted the potential repercussions of failing to reform regulations, warning that the European Union could be compelled to implement a costly rescue plan within the next five to ten years if current trends persist. This urgent call to action aligns with the findings in a recent report on economic competitiveness authored by former European Central Bank President Mario Draghi.
In his report, Draghi asserted that the European Union requires an annual investment of EUR800 billion (approximately USD890 billion), which constitutes about 4.5 percent of the bloc's total GDP, merely to keep pace with the economic advancements of the U.S. and China. Macron echoed this sentiment, advocating for member states to push for fair global trade rules and urging Brussels to finalize its banking union package to strengthen financial regulations.
As the European Union grapples with its economic challenges, Macron's remarks serve as a wake-up call for leaders within the bloc to take decisive steps toward revitalizing the economy and ensuring its long-term sustainability in an increasingly competitive global landscape.
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