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EU leaders back reforms to better compete with US, China
03:14
Europe
EU leaders back reforms to better compete with US, China
EU leaders have agreed on new reforms to help revitalise the 27-nation bloc's economy as a special two-day summit wrapped up in Brussels on Thursday. It comes as the bloc's industrial production struggles to compete with the likes of China and the US. Policymakers have called for greater public and private investment. Recent data showed eurozone productivity fell 1.2 per cent in the fourth quarter from a year earlier, while in the US it rose 2.6 per cent in the same period. European Council President Charles Michel emphasized the bloc's over-reliance on external economic and security bases, which he argued undermines the EU's competitiveness and global influence.
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