European Union countries should start issuing debt jointly, for example by issuing Eurobonds, as this would help challenge the hegemony of the US dollar. This was stated by French President Emmanuel Macron in an interview with seven European newspapers, including the French edition “Le Monde“, Reuters reported.
“The EU's debt is at lower levels compared to the US and China. At a time of technological investment competition, not taking advantage of this opportunity to borrow money is a serious mistake, Macron stressed in an interview published today.
According to the French head of state, Europe is facing a “geopolitical and geoeconomic emergency“ and must invest in its economy and remove barriers to growth more quickly so as not to be overtaken by the US and China.
President Macron also called on Europe to simplify “countless regulations“ and diversify supplies to limit its dependence on narrow groups of third-country suppliers.
According to him, these efforts should range from strengthening the international role of the euro – for example, by developing euro-denominated currency swap lines with trading partners – to reduce dependence on critical assets from abroad, such as American natural gas and cloud technologies.
Macron also advocated a policy of “preference“ for European goods and raw materials to protect critical European industries such as steel, chemicals and defense.
Europe should not underestimate its strengths, as a market of 450 million people, but also as a region governed by the rule of law. The challenge it faces is to turn these strengths into levers of geopolitical power, the French president concluded.