BERLIN (Reuters) - German Chancellor Angela Merkel said on Monday she would be prepared to back changes to the European Union’s Lisbon Treaty, the bloc’s legal cornerstone if need be, adding that the EU27 must become more competitive now that Britain has left.

“I could well imagine treaty changes should this be necessary,” Merkel said during a news conference with visiting Austrian Chancellor Sebastian Kurz. “We are required in view of Britain’s exit to strengthen our competitiveness and to act more quickly.”