“I believe that things must move forward,” Macron said.
An Elysée official told reporters on Thursday that joint borrowing could cover sectors spanning from AI, to quantum, defense, space, semiconductors and robotics. The official said France could find allies in its call for more joint debt, arguing that Nordic countries could be open to that option when it comes to defense while southern countries would be interested in it to finance investments in new technologies.
“Europe today has become an adjustment market for China and an object of coercion for the United States,” said the same official. “If we stick to the traditional European recipes, we will see the acceleration of the slow death” foreseen by former Italian Prime Minister Mario Draghi.
But it’s unclear how much traction the call will gain, given that Macron’s term ends next year and his influence is on the wane in Brussels.
EU leaders have in the past agreed on joint borrowing in extraordinary circumstances, such as to finance a loan for Ukraine and to help with the pandemic recovery. But a permanent facility for joint borrowing has long been viewed with skepticism by Europe’s frugal nations, who are worried about assuming the risks of highly indebted countries — like France itself.
Still, the French president is forging ahead with his sales pitch, which also includes enforcing European preference in public tenders and local content rules: first on Wednesday at a summit in Antwerp with European industry, then at an informal gathering of EU leaders on Thursday in the Belgian countryside.