Macron Pushes for EU Debt Extension and New Common Borrowing

During his visit to Athens, French President Emmanuel Macron has strongly advocated for a strategic recalibration of European debt management, particularly concerning the financial burden accumulated during the COVID-19 pandemic. Macron argued that the current approach of rapid repayment is 'idiotic' and proposed instead to 'spread this debt' and 're-issue' bonds, suggesting that investors are keen on acquiring these 'papers for cheap.' This initiative, championed by France for years, aims to ease the fiscal pressure on member states while maintaining access to capital markets.

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On s’est endetté au moment du Covid. Aujourd’hui, on nous dit “il faut vite le rembourser”. C’est idiot. Étalons cette dette. Refaisons des ré-émissions parce que les gens veulent ce papier pour pas cher

Beyond managing existing debt, Macron is pushing for new common borrowing mechanisms to fund future investments in areas critical to Europe's strategic autonomy. He specifically cited defense, space exploration, and artificial intelligence as key sectors where joint investment is essential. Despite acknowledging that some nations, notably Germany, have historically resisted common EU debt issuance ('eurobonds'), Macron remains optimistic, stating, 'In the end, we will get there.' He believes that Europe must invest in these domains to avoid being 'completely distanced on the technological level.'

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sur des dépenses (...) qui sont d'intérêt commun, qui sont nouvelles (...) on a peut-être un intérêt à émettre ensemble de la dette

Greek Prime Minister Kyriakos Mitsotakis, standing alongside Macron, echoed the sentiment, expressing confidence that a solution would be found. He highlighted that common debt would strengthen Europe, given the EU's current standing as a 'safe and reliable borrower.' This alignment between France and Greece on fiscal policy and strategic investment signals a growing consensus within parts of the EU to explore more integrated financial tools.

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À la fin on va y arriver

From our perspective at Le Figaro, President Macron's push for common European debt, whether for pandemic recovery or future investments, represents a bold vision for a more integrated and strategically capable Europe. While the path to achieving this may be fraught with the 'never in a million years' objections from some quarters, the underlying logic is sound. Europe cannot afford to fall behind technologically or in defense capabilities. The current geopolitical landscape and the rise of global competitors necessitate a proactive and unified approach. Macron's insistence on finding 'new resources' and his confidence in eventual agreement reflect a pragmatic understanding of European integration: progress often comes through persistent negotiation and a shared recognition of existential needs. This is not just about economics; it's about securing Europe's future relevance on the world stage.

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Car l'Union européenne est aujourd'hui considérée comme un emprunteur sûr et fiable