French President Emmanuel Macron said in Antwerp today that the "only" solution to the economic threats posed by China and the United States (US) is for Europe to become an independent power.
"We need a new scale and a new speed in our approach to end the fragmentation that weakens and risks humiliating Europe," Macron said at a summit of business leaders in Antwerp, Belgium, French media reported.
The French president once again raised the idea of "Eurobonds", common European bonds to finance large investments and keep Europe competitive with Beijing and Washington.
"If we want to invest sufficiently in defense and space security, clean technologies, artificial intelligence and quantum computing and transform our productivity and competitiveness, the only solution is to issue common debt," Macron added.
This idea of a common European debt has been advocated by France for years, but other countries, including Germany, have consistently rejected it.
"We have never lived in a period like this. Therefore, we must accept taking key measures that are not very common in the traditional European toolbox of measures," Macron said.
The French president said that Europe is in an emergency situation and added that everyone should be aware of this because it will soon be too late.
Macron also called on countries willing to implement the European single market reforms proposed by the Commission to step up cooperation in order to make progress as soon as possible.
This increased cooperation was previously supported by European Commission President Ursula von der Leyen.
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