Wed Oct 02 15:08:15 UTC 2024: ## Macron Warns of EU’s Looming Uncompetitiveness

**Berlin, Germany -** French President Emmanuel Macron has sounded the alarm about the European Union’s future competitiveness, warning that lack of investment and overregulation are putting the bloc at risk of falling behind global rivals.

Speaking at the Berlin Global Dialogue, Macron highlighted the economic powerhouses of Washington and Beijing, who are outperforming the EU in both output and investment. He stressed that Europe needs to act decisively, completing a banking union and ensuring fairer global trade rules to stay competitive.

Echoing concerns raised by former European Central Bank President Mario Draghi last month, Macron emphasized that the EU’s current model is unsustainable. He stated that “everything now is shaken,” referencing the bloc’s reliance on low-cost Russian energy and American defense support, both of which are no longer guaranteed.

Macron called for a significant increase in investment, highlighting the need to transform the EU economy to keep pace with global advancements. He also advocated for cross-border mergers to create European “champions” capable of competing with American giants.

The warning comes as the EU grapples with growing challenges, including energy dependency, a lack of raw materials, and an inability to harness economies of scale in key sectors like telecom and defense.

“We are at risk, to be honest,” Macron said. “Our own model has completely changed and has to be reset.”

Unless the EU takes swift and decisive action to address these issues, Macron warned, it risks losing its relevance in the global marketplace.

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