Macron calls on Europe to develop a common borrowing system to counter the dominance of the US dollar
French President Emmanuel Macron has called on the European Union to develop a common borrowing system through the issuance of European bonds “Eurobonds”, which will enable the bloc to counter the dominance of the US dollar.
Macron made the announcement in an interview with Le Monde newspaper and a number of European newspapers on Tuesday, during which he gave assessments on the future of the European Union and its economic policies, days before his participation in the upcoming EU leaders’ summit in Brussels to discuss competitiveness.
“For nine years as I’ve been fighting for a more sovereign Europe, I believe that the intellectual transformation has been achieved, and that many steps have been taken, such as building a European defense through joint funding and projects,” Macron said.
He stressed the need for the Union to jointly invest in the fields of green transformation and artificial intelligence, so that it does not lag behind global competition.
He noted that Europe is trying to establish itself in an increasingly uncertain world.
“The United States, which we thought would protect us forever, is now a source of question, while Russia, which was seen as a cheap and permanent source of energy, closed this chapter with it three years ago, while China, which was considered an export market, has turned into a fierce competitor”.
“There is a need for a European awakening,” he said, as the continent of 450 million people has enormous power, but it’s not managed with a shared power mentality.
The French president called for deepening harmony within the European single market and continuing to grow through new trade partnerships, such as one with India, with the aim of reducing dependencies.
Maintaining global competitiveness requires joint investments to focus on security and defense, green transition technologies, and artificial intelligence.
He explained that these investments could be financed through a common borrowing system within the EU, saying: “We need major European programs that finance the best projects”.
He added that global markets are looking for alternatives to the US dollar, calling on the EU to seize the historic opportunity by providing European debt through the issuance of Eurobonds.
“Global markets are gradually worried about the dollar, let’s give them the European debt,” Macron said.
“The rule of law and democracy are a huge attraction for investors, as we face authoritarian China, and on the other hand, the United States, which is gradually moving away from the rule of law”.
