Paris: French President Emmanuel Macron urged on Tuesday Europe to assert itself on the world stage, saying it is time to start acting like a "power". The president's remarks came during a meeting with European newspapers, adding that such assertion needs to confront the growing threats from China, Russia, and now the US, stressing the continent faced a "wake-up call".
According to Kuwait News Agency, Macron emphasized the need for Europe to take decisive steps in various sectors, including economy, finance, defense, and security. He posed a crucial question regarding Europe's readiness to become a power and suggested that it is a pivotal moment akin to "assuming our majority." This call to action comes ahead of an EU summit in Brussels later this week.
Macron reiterated his proposal for EU-wide mutualized loans to raise the necessary funds for industrial investment. He advocated for the launch of a shared debt capacity, such as eurobonds, to finance future expenses and support significant European projects. Although similar proposals have faced skepticism from countries like Germany, Macron highlighted the increasing demand in global financial markets for mutualized European debt, which the EU currently lacks the capacity to supply.
He noted that the global markets are growing wary of the American dollar and are seeking alternatives. For investors, a democratic state of law is an attractive option. Macron pointed out the contrasting nature of authoritarian regimes like China and the US's gradual distancing from a state of law, emphasizing the EU's potential as a viable alternative.
According to Macron, the 27-member EU requires pound 1.2 trillion (USD 1.4 trillion) annually to invest in crucial sectors such as security and defense, clean energy, and artificial intelligence. He called on the EU to protect these industries, highlighting that both China and the US do so, while Europe remains the most open market globally.
Macron acknowledged the massive challenges Europe faces in a world of disorder, citing accelerating climate change, shifting security dynamics with the US, and the intensifying rivalry with China. He stressed the importance of unity among the 450 million Europeans, viewing the pursuit of power as the culmination of the European adventure, which initially aimed to prevent war and build a market.
Addressing recent tensions with Washington over Greenland, where US President Donald Trump backed down from annexation threats, Macron warned against complacency. He urged Europeans not to be deceived by temporary resolutions, emphasizing the need for vigilance in the face of threats and intimidation from global powers.