French President Emmanuel Macron called for work to increase competitiveness, simplify European Union regulations, and deepen the single market to confront these challenges facing the United States and China, otherwise the European economy will face the risk of “death.”
The French President’s words came at a recent dialogue event in Berlin, and according to Macron, the 27-nation bloc lags behind the United States, as both countries outperform the European Union in economic output and investment.
The French President added: “Our previous model has ended. We over-organize and under-invest.” Within the next two or three years, if we follow our classic agenda, we will exit the market.”
The French president also warned that the European Union’s failure to urgently reform regulations would push the bloc to implement a rescue plan within five to ten years.
He called on European Union countries to push for fair global trade rules, and also urged Brussels to complete the package of financial and banking rules.
Earlier, former European Central Bank President Mario Draghi said that the European Union needs 800 billion euros ($890 billion) in annual investments, which is equivalent to about 4.5% of the Union’s GDP, in order to keep pace with the United States and China.
In turn, Hungarian Prime Minister Viktor Orban warned on Friday that the European Union is heading towards an “economic cold war” with China, at a time when the bloc’s leaders are preparing for an important vote on imposing tariffs on imports of electric cars made in China.
European Union member states will vote on Friday on whether to impose tariffs of up to 45% over the next five years on imports of electric cars made in China, in the bloc’s most high-profile trade issue that could prompt Beijing to take retaliatory measures. On her.
Hungary has become an important trade and investment partner for China during Orban’s term, in contrast to some other countries in the European Union that are considering becoming less dependent on the world’s second largest economy.
“What they are making us do now, or what the European Union wants to do, is an economic cold war,” Orban told Hungary’s state radio in an interview, referring to the proposed tariffs on China.
Orban – who led a central European campaign to bring Chinese electric car and battery manufacturing factories to Hungary – does not want his country to be pushed on either side, and wants to continue trade with both sides.
He stated that products made in the European Union would be increasingly difficult to sell if the global economy was divided into two blocs, adding that it was unclear whether Hungary’s “economic neutrality” strategy would withstand the challenges ahead.
Orban said last month that Chinese companies had pledged investments worth 9 billion euros in Hungary so far, putting them on par with companies from the United States, which has criticized Orban’s strategy of forging closer ties with China.
Last updated: October 4, 2024 – 15:59
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2024-10-06 00:35:51