Macron calls for synchronization between Europe, US, and China on global imbalances

French President Emmanuel Macron has urged for greater global "synchronization and coordination," particularly among Europe, China, and the United States, to rectify widening global economic imbalances that threaten international financial stability and growth. He emphasized this need during the opening of the "World Convergence Summit for Growth."

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Addressing global imbalances is a shared responsibility, both for surplus economies and deficit economies, and especially the synchronization and coordination between Europe, China and the United States of the right approach is absolutely critical.

Macron warned that global economic disparities have grown "considerably" in recent years, reaching levels not seen since the 2007-2008 financial crisis. He noted that the current geopolitical situation further intensifies these challenges. The summit, a videoconference involving G7 nations and invited partners like Brazil, South Korea, Egypt, India, and Kenya, along with China and the IMF, aims to steer the global economy toward a more robust growth trajectory.

He stressed that addressing these imbalances is a "shared responsibility" for both surplus and deficit economies. Macron highlighted that close collaboration between Europe, China, and the US is "absolutely critical" for finding the right approach. This issue is set to be a central topic at upcoming G7 and G20 summits.

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Some of the challenges we face are manifestations of these global imbalances.

Significant progress has been made in achieving a common understanding of key issues related to these imbalances, with an international consensus forming around several principles. These include the persistent and widening nature of global imbalances, the shared responsibility for their correction, and the essential role of coordination among major economies for gradual and balanced adjustments that foster stable, long-term growth beneficial to all.

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The coordination is essential and, if these imbalances are not addressed through a coordinated approach among the world's major economies, they risk being corrected...