French President Emmanuel Macron warns Europe must invest €1.2 trillion annually in strategic sectors and consider common debt to avoid dependency and irrelevance.
PARIS: French President Emmanuel Macron has issued a stark warning to Europe, urging it to massively boost investment in strategic sectors or risk being “swept aside” by the United States and China.
In an interview published on Tuesday, Macron called for “simplifying” and “deepening the EU’s single market” ahead of a key European Union meeting.
He also advocated for “diversifying” trade partnerships to reduce strategic dependence.
The French leader cautioned that US “threats” and “intimidation” were far from over, specifically targeting pharmaceuticals and digital technology.
He argued that Europe must not bow down or seek a settlement in the face of such aggression.
“We tried this strategy for months, and it’s not working,” Macron stated.
He warned that appeasement only leads Europe to increase its dependency on other global powers.
Macron estimated that the EU needs approximately €1.2 trillion per year in combined public and private investment.
This funding is crucial for green and digital technologies, as well as defence and security.
He renewed his longstanding call for the issuance of common European debt to finance these future-oriented expenditures.
“Now is the time to launch a common borrowing capacity for these future expenditures, future-oriented Eurobonds,” he said.
This proposal for Eurobonds has been championed by France for years but consistently rejected by other member states wary of shared financial liability.
