DIW boss: EU must stand up to China

Financial district in Beijing, about dts
Financial district in Beijing, about dts
The President of the German Institute for Economic Research (DIW), Marcel Fratzscher, has called on the European Union to stand up to China.

China is experiencing rapid growth, so the chance must now be seized, said Fratzscher on Wednesday in a podcast on RBB Inforadio. In global economic competition - especially against China - it is a European weakness to think nationally first.

States would have to give up national sovereignty in order to strengthen Europe. He sees the corona pandemic as a huge opportunity to take the "right path" for Europe. “It is a hope.” Whether it will come true ultimately depends on whether the national heads of state and government are willing to come together and jointly develop a vision for Europe. After a European agreement, a trade agreement with the USA is the next decisive step in order to be able to put pressure on China.