economy
May 5, 2026
EU economy falling behind global rivals, Belgian central bank chief says
The EU is “not competitive” globally as high energy costs weigh on the bloc’s industry, Belgian central bank chief Pierre Wunsch warns
TL;DR
- EU's industry is not competitive globally due to high energy costs, according to Belgian central bank governor Pierre Wunsch.
- Geopolitical realities, including US protectionist policies and Chinese subsidies, are weakening the EU's global influence.
- The bloc is facing increased energy costs and prolonged uncertainty, exacerbated by the Ukraine conflict and the US-Israeli war on Iran.
- EU countries have reportedly increased imports of Russian LNG despite goals to phase out Russian fossil fuels.
- Some EU politicians are calling to reconsider sanctions on Russia.
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