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.