Complementing the EU Commission President’s discourse at the World Economic Forum in Davos, Switzerland, President Emmanuel Macron condemned the US for threatening Europe over Greenland and invoked Europe’s rule-of-law as the ideal political system, in contrast to the rule-of-the-strong.
President Macron made his statements in a speech and then in a discussion with BlackRock’s CEO Larry Fink.
In his speech, the French President addressed China’s trade imbalances and malpractices and said that more cooperation between the Europe and the US could address these issues. No one can access the Chinese market as one can access the European market he stressed. He added that Europeans are the only ones not protecting their own companies and adding protection measures, and that globally, there is no level-playing field.
On the international rules-based-order, President Macron said that we can’t passively accept the law of the strongest and that this would lead to vassalisation. France and Europe must protects multilateralism because this also protects rule of law he reiterated. He added that Europe should have a preference for Europe and not America and that we should also not hesitate to use the anti-coercion mechanism.
The French President said that Europe must strengthen its unity on defence and also attract higher quality foreign-direct-investment. He stressed that we need China to invest in Europe in specific sectors and transfer technology rather than exporting low quality products to Europe.
He also underlined the need for simplification in European industries including in automotive, chemicals, banking and other sectors and called for the introduction of the banking union. Europeans are investing too much in bonds and equities outside Europe he stressed and we need a more efficient European capital market to enhance innovation.
The French President concluded by saying that Europe is not perfect and should definitely be reformed but it is ideal because it guarantees the rule-of-law.
You can watch the full speech here.
Following his speech, President Macron held a brief discussion with BlackRock’s CEO Larry Fink. Larry Fink said that the lack of a banking union in Europe is one of the biggest headaches compared to the US. On the other hand, President Macron said that China had a large trade surplus with Europe in 2025 and this should be addressed. On the tariffs unleashed by the US President, Macron said that Europe is considering using the anti-coercion mechanism and the use of tariffs against allies is ridiculous. Europe and the US should be cooperating with each other to address China’s trade imbalance instead.
He concluded by saying that this is not a time for a new imperialism or a new colonialism but for more cooperation.
You can watch the discussion here.
The French President also held a private meeting with Canada’s Prime Minister Mark Carney.
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