French President Emmanuel Macron has urged Europe to assert itself on the world stage, saying it is time to start acting like a power.
In the face of growing threats from China, Russia and now the US, he told a group of European newspapers that the continent faced a wake-up call.
Are we ready to become a power? This is the question in the field of economy and finance, in defence and security, and in our democratic systems.
In his comments ahead of an upcoming EU summit in Brussels, Macron called for EU-wide mutualised loans for crucial industrial investments, suggesting the time has come to launch a shared debt capacity.
We need big European programmes to finance the best projects, he said, acknowledging skepticism from some countries like Germany who worry about disproportionately bearing financial burdens.
Macron noted that France has not achieved the same financial responsibility as certain northern European economies and highlighted a growing demand for mutualized European debt in the global markets, especially amid fears surrounding the US dollar.
Stressing that the EU needs €1.2 trillion annually to invest in important sectors, Macron insisted that Europe must protect its industries against global competition, advocating for coherent policies that support local producers.
Today Europe faces a massive challenge, in a world of disorder, Macron added, pointing to escalating climate change, security uncertainties with the US, and increasing rivalry from China. He concluded with a call for Europe to realize its potential as a united power in an unpredictable future.
