If Europe does not act soon to restore its competitiveness, it will become a subordinate to global economic giants such as the United States and China and lose its independence, said German Chancellor Friedrich Merz while addressing the national parliament, APA reports.
Ahead of next week’s European leaders’ summit in Brussels, Merz called on the bloc to launch serious economic reforms, warning that otherwise it risks losing its global significance.
“This is vital for the future of our country and for European nations, because in the coming weeks, months, and perhaps a few years, a decision will be made: whether Europe will remain an independent power in the global economy or become a subordinate to major economic centers such as Asia and America,” Merz emphasized.