EU 'must reform', or fade: Blair

The European Union must reform or risk becoming irrelevant as rivalry between China and the United States ushers in an unprecedented era that is reshaping security, energy, technology and trade, according to a report led by Tony Blair and Jamie Dimon.

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Based on discussions with government, business and civil society leaders, the report argues that a convergence of structural shifts is transforming nations, markets and institutions. It warns that countries and groupings that once relied on the US for security while deepening trade ties with China now face mounting risks.

Mr Blair, British prime minister from 1997 to 2007, and Mr Dimon, chief executive of JPMorgan Chase, said Europe must integrate further to prioritise defence and economic growth.