During a speech marking the second day of his state visit to Germany, French President Emmanuel Macron emphasized the urgent need for the European Union to stop being naive in the face of growing competition from the United States and China. He reiterated his call for a “buy European” strategy in key sectors such as defense and space.
A Call for Increased Public Funding
Macron proposed doubling the EU’s public funding to tackle major challenges facing the current generation, including security, climate transition, and artificial intelligence. “Europe is the last place where we remain open to the rest of the world without European preference or rules,” he stated, stressing the need to protect European interests.
European Preference and Trade Reciprocity
The President emphasized the importance of adopting a “European preference” by establishing trade rules that favor reciprocity and fair competition. “Go to China, go to the United States! We want to develop trade, but there are national preferences,” he highlighted, calling for a revision of European policies to reflect this reality.
Doubling Our European Budget
To fund these ambitions, Macron proposed increasing the European budget, either through direct augmentation, joint borrowing strategies, or existing financial instruments. This increase in funding is essential to support initiatives in strategic sectors and to effectively respond to the massive investments of the United States and China.
State Visit to Germany
Macron is on a three-day state visit to Germany, aiming to overcome differences with German Chancellor Olaf Scholz. The discussions focus on crucial issues such as military aid to Ukraine, the development of capital markets, and trade with China.
Conclusion
For instance, in the military sector, despite Macron’s call to buy European, market signals are mixed at this Tuesday morning. Airbus recorded a slight increase of +0.9%, but other major players like Dassault Aviation, Safran, and Thales did not see similar progress.
Macron’s call to strengthen Europe in the face of global competition highlights the economic and strategic challenges the continent faces. His emphasis on a “buy European” strategy and increasing the EU budget sends a strong signal for a more autonomous and resilient Europe. However, it remains to be seen whether these proposals will translate into concrete actions and tangible results for the sectors involved.
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