The European Union must diversify supply chains to reduce global economic risks, former President of the European Council and former Prime Minister of Belgium Charles Michel said during a panel discussion at the 13th Global Baku Forum, APA-Economics reports.
He noted that the global economic environment is changing rapidly and Europe must develop an economic strategy adapted to the new realities.
According to Michel, the period when Europe depended on Russian energy resources and Chinese supply chains is coming to an end.
“We must diversify our supply chains. The time when we depended on Russian fossil fuels and Chinese production chains is already behind us,” he said.
Michel added that the European Union should strengthen its economic foundations and build a more efficient regulatory policy in order to increase its competitiveness.
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