French president tells fellow European leaders the bloc is falling behind the US and China because of over-regulation and under-investment

French president tells fellow European leaders the bloc is falling behind the US and China because of over-regulation and under-investment

The EU “could die” unless it makes itself more competitive with the US and China, Emmanuel Macron has warned.

The French president said the bloc was over-regulating and under-investing at the Berlin Global Dialogue event.

Washington and Beijing both outstripped the EU in economic output and investment, he said, before calling on the bloc to complete its banking union package of financial rules.

Member states also needed to press for global trade rules to be kept fair, he added, according to Bloomberg.

  • CanadaPlus@lemmy.sdf.orgEnglish
    31·
    3 months ago

    And also just buy things that are nice for ordinary people. In the West we don’t feel it, but in a place like Africa the inability to produce anything high-tech themselves hurts.

    • Saleh@feddit.orgEnglish
      3·
      3 months ago

      It would hurt much less, if the countries wouldn’t get fucked in trade “agreements” for their agricultural products and resources.

      This aspect is kind of where the whole “free market, everyone specializes, everyone wins” theory fails, as the “less developed” economies get pushed around diplomatically and militarily, rather than being allowed to participate in a fair market.

      • CanadaPlus@lemmy.sdf.orgEnglish
        1·
        3 months ago

        Corrupt wealth extraction from Africa is real, and significant on their end (but not ours, we do it for cents off each dollar).

        A lot of African economies are managing to grow explosively anyway, though, as anyone who pays attention to the continent can tell you.