Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

'Europe could die': Macron urges stronger defences, economic reforms

Published 04/25/2024, 06:27 AM
Updated 04/25/2024, 01:28 PM
© Reuters. FILE PHOTO: French President Emmanuel Macron attends a ceremony at the Martyrologe of Vassieux-en-Vercors, central France, Tuesday, April 16, 2024.  Laurent Cipriani/Pool via REUTERS/File Photo

By Michel Rose and Ingrid Melander

PARIS (Reuters) - French President Emmanuel Macron called on Thursday for stronger, more integrated European defences as he outlined his vision for a more assertive European Union on the global stage.

In a speech at the Sorbonne University in Paris, he also said the continent must not become a vassal of the United States.

"There is a risk our Europe could die. We are not equipped to face the risks," Macron said.

With just three years left of his second and final term in office, Macron, 46, wants to show his critics he retains the energy and fresh thinking that helped propel him into the presidency in 2017 and that he has not become a lame duck leader.

In the speech lasting nearly two hours, he warned that military, economic and other pressures could weaken and fragment the 27-nation EU.

Russia must not be allowed to win in Ukraine, he said, calling for a boost in Europe's cybersecurity capacity, closer defence ties with post-Brexit Britain, and the creation of a European academy to train high-ranking military personnel.

Europeans should give preference to buying European military equipment, he said.

"We must produce more, we must produce faster, and we must produce as Europeans," Macron said.

The speech won a positive response from Macron's main EU partner, German Chancellor Olaf Scholz, with whom he has often clashed on defence and trade issues.

"France and Germany want Europe to be strong," Scholz said in a post. "Your speech contains good ideas on how we can achieve this."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Macron has long called for European "strategic autonomy" involving less reliance on the United States, a stance that has gained greater resonance in the face of Donald Trump's bid to return to the White House. Trump has often accused Europe of free loading on defence at the United States' expense.

Europe "must show that it is never a vassal of the United States and that it also knows how to talk to all the other regions of the world," Macron said.

Many EU officials believe there is currently no credible alternative to the U.S. military umbrella.

ECONOMIC CHALLENGES

Macron said Europe also risks falling behind economically as global free-trade rules are being challenged by major competitors. The European Central Bank should no longer just target inflation, but also growth and climate, he said.

The EU should agree exemptions to its own competition rules so it can support firms in sectors such as AI and green energy in the face of "oversubsidies" by the U.S. and China, Macron said.

Europe needs less fragmented markets for energy, telecoms and financial services, and must also cut red tape, he added.

The French leader hopes his speech will have the same impact as a similar address at the Sorbonne he made seven years ago that prefigured some significant EU policy shifts.

Since then, much has changed, with geopolitical challenges including the war in Gaza, Russia's invasion of Ukraine and disputes between China and the United States.

Thursday's speech was billed by Macron's advisers as France's contribution to the EU's strategic agenda for the next five years. The agenda is due to be decided after the European elections.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"Macron thinks that Europe's strategic fault lines are not just with illiberal assertive powers but also with the U.S," said Rym Momtaz of the International Institute for Strategic Studies in Paris.

"He accuses (them) of espousing unfair competition practices similar to China, and consequently paralyzing Europe's ability to assert itself as a real global power player," she said.

Latest comments

Is Macron using Trump's speech writers?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.