The European Union could perish if it is not competitive with the U.S. and China.

Axar.az reports that French President Emmanuel Macron stated this.

'Washington and Beijing are leaving the EU behind in economic growth and investments. The EU could die; we are on the brink of a very important moment. Our old model is over—we over-regulate and invest too little. If we remain committed to our classic agenda in the next two to three years, we will exit the market,' Macron said.

Macron also called on EU member states to promote the creation of cross-border companies that can compete with U.S. firms."