Macron advocates a large European investment program and points to a new issuance of Eurobonds

The world is going through a phase of profound transformation in content and dizzying speed. International relations are changing, the green and digital technological revolutions are underway. In this challenging environment, the President of France, Emmanuel Macron, urges Europe to launch a major investment plan in the priorities of our time – such as artificial intelligence, green energy and defense technologies – to avoid that the EU falls into a dependency that nullifies its autonomy in the world and harms the ability to create good jobs.

In his speech before the Davos forum this Wednesday, Macron pointed to the possibility of financing this investment effort with a new issue of Eurobonds, a taboo subject for Germany and other European countries in the frugal group and that had been quite buried in the recent public debate. Furthermore, he pointed out that he considers it necessary to advance the integration of the EU capital market, and that to overcome the difficulties, France is willing to promote reforms in enhanced cooperation, that is, with small groups instead of the Twenty-seven in unison.

“Europe has done a lot in recent years. “Nobody expected the reaction that the EU has had to the Covid crises and the invasion of Ukraine,” said Macron. “However, much more needs to be done” in the face of the “tremendous acceleration” of innovations and challenges of the modern world.

“We need a much stronger investment Europe. For me it is a priority, everything that has to do with clean technologies, quantum, defense. Much more money is needed. We need an investment strategy. More European public investments are needed, we have to open a phase of new investments, as we have done in the covid crisis, perhaps using Eurobonds again on priorities,” said Macron.

The French president added that, in his opinion, in parallel it is necessary to “deepen the capital markets union, a more integrated financial Europe.” “The continent has savings, but it does not circulate well. France will propose moving forward with reinforced cooperation. It is essential to move forward,” he added.

Macron considered that it will take at least a decade to achieve significant achievements in terms of autonomy, and that reducing dependence should not be limited to China. “Totally depending on the United States is not good either,” he said. “This year and the next are those in which the EU has to decide if it wants sovereignty,” he said, implying that the risk of being completely left behind is very current.

“All this is the condition to maintain our voice in the world, and also quality jobs,” warned Macron, who urged attendees, despite the difficulties, to maintain “lucid optimism.”

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