Macron Advocates for Europe to Assert Its Global Influence

French President Emmanuel Macron has called for Europe to strengthen its geopolitical presence, urging the continent to act like a 'power' in the face of escalating challenges from China, Russia, and the United States. In an interview with a consortium of European newspapers, he highlighted what he perceives as a critical 'wake-up call' for Europe. Macron posed the question, 'Are we ready to become a power?' which he framed as essential across various domains such as economics, defence, and democratic governance.

With an EU summit scheduled in Brussels later this week, Macron reiterated his proposals for mutualised loans across the European Union to amass hundreds of billions of euros necessary for significant industrial investments. He emphasised the need for a collective debt mechanism, noting that, 'The time has come to launch a shared debt capacity to fund our future expenses - eurobonds for the future.' Macron's previous efforts have often been met with hesitation from nations like Germany, who worry that such measures could place financial burdens disproportionately on France.

In his remarks, Macron acknowledged France's historical economic imbalances compared to northern European economies, which he noted are typically 'built more on a sense of responsibility.' He observed that France has yet to implement crucial reforms similar to those seen in Portugal, Spain, Italy, and Greece during the 2010s, which have yielded positive results.

Despite the past skepticism regarding mutualised debt, Macron asserted that global financial markets are increasingly in favour of European mutualised debt products, a feature that he believes the current EU framework does not support adequately. He remarked, 'The world markets are increasingly afraid of the American greenback [dollar]. They want alternatives.' He pointed out the contrasting political systems, noting that 'for investors everywhere, a democratic state of law is a huge attraction,' in light of the authoritarian nature of regimes like China and the perceived retreat of the US from democratic values.

Macron indicated that the EU requires approximately €1.2 trillion (£1 trillion; $1.4 trillion) annually to invest in critical sectors, including security, defence, clean energy, and artificial intelligence. He urged the EU to better protect these industries, arguing, 'The Chinese do it, the Americans too. Europe today is the most open market in the world.' He clarified his position, stating, 'I am not saying we should be protectionist. It's more a question of being coherent.'

He described the current global landscape as highly challenging, detailing how issues like climate change and shifts in international alliances pose risks to Europe. Macron stated, 'Today, we Europeans are on our own. But we have each other. We are 450 million people. It's huge.' He framed his vision of Europe asserting itself as the natural progression of its historical journey, which began with the goal of maintaining peace and establishing a single market.

In response to recent tensions with Washington pertaining to discussions over Greenland, Macron cautioned against complacency in European perspectives towards US actions. 'At the end of a crisis, there is a cowardly tendency to sit back and say 'phew',' he warned. He urged the EU not to underestimate potential threats or intimidation from the US, stating clearly, 'Don't believe it for a single second.'