Feb 10, 2026, 5:07 p.mFeb 10, 2026, 5:07 p.m
The German government rejects calls from French President Emmanuel Macron for shared debt to invest in Europe’s competitiveness. This demand distracts from the actual problem of a lack of productivity, government circles said.
The priority is to make far-reaching structural reforms and complete the internal market. Before the top meeting of EU heads of state and government in Belgium this Thursday, Macron called for new common debts in an interview with several European newspapers. “We need to create a common debt capacity for future-oriented spending, i.e. for defense, green technologies, artificial intelligence and quantum computers,” said Macron.
“If we want to do this at an appropriate scale and pace, we must now supplement our measures with private savings and the European budget with Eurobonds for the future, precisely in these three areas.”
Looking for alternatives to the dollar
The global market is increasingly afraid of the American dollar and is looking for alternatives, said Macron. “Let’s offer him European debt.” A democratic constitutional state is an enormously attractive factor for all investors worldwide. “So it is a unique opportunity that would also make it possible to address the dominance of the dollar.”
Germany has traditionally rejected shared debt and only agrees in absolutely exceptional cases – such as the Corona reconstruction fund or recently for the further financing of Ukraine, which was attacked by Russia. Countries such as heavily indebted France and Belgium repeatedly advocate so-called Eurobonds. (hkl/sda/awp/dpa)