Macron says it's time for the EU to challenge the US dollar with joint loans and that the agreement with Mercosur is a 'bad deal'
French President Emmanuel Macron argues for a joint loan mechanism in the EU to challenge the US dollar's dominance and criticizes the EU's agreement with Mercosur.
In a recent statement, French President Emmanuel Macron articulated the importance of the European Union (EU) adopting a joint loan mechanism, similar to eurobonds, to enhance its investment capacity and challenge the dominance of the US dollar. He emphasized that the EU is currently at a disadvantage compared to the United States and China in terms of debt levels, which could be leveraged to foster significant technological investments. Macron's assertions underline a critical shift in how Europe should approach its economic strategy amidst global competition for technology investment.
Speaking to various French media outlets, including Le Monde, Macron underscored the necessity for Europe to better protect its own industries. His firm stance reflects growing concerns over external influences and competitive pressures faced by European companies. Additionally, he pointed out that the EU's agreement with Mercosur—an intergovernmental organization of South American countries—is fundamentally flawed, suggesting that it does not serve the European economic interests effectively at this juncture.
Macron's comments come at a time when geopolitical and economic dynamics are rapidly changing, signaling a potential reevaluation of the EU's financial strategies and trade agreements. By advocating for these changes, he aims to steer Europe towards greater financial autonomy and resilience against external economic pressures, while also sparking debate about the future of international trade relations and the EU's role in a multipolar world.