Macron warns of ‘World without rules,’ calls for European sovereignty and multilateralism

Key Highlights

• Macron said that addressing “global economic imbalances is our key priority” and that includes American overconsumption, Chinese underconsumption and overinvestment, and European underinvestment and lack of competitiveness.
• He chose to point out the imbalances that are reflected in development gaps, Macron said, “We can no longer settle for aid that neither delivers efficient results nor enables countries to escape poverty.” He expressed concern over the “weakening of the international bodies weakened or left by the key economies,” as he stressed that the “killing of  this structure where we can fix the situation and the common challenges we have.” “Without collective governance, cooperation gives way to relentless competition.
• Competition from the United States of America through trade agreements that undermine our export interests, demand maximum concessions and openly aim to weaken and subordinate Europe, combined with an endless accumulation of new tariffs that are fundamentally unacceptable – even more so when they are used as leverage against territorial sovereignty,” he said.
• “This is, as well as a shift towards a world without effective collective governance and where multilateralism is weakened by powers that obstruct it or turn away from it, and rules are undermined,” he added.
• Macron criticised the weakening of multilateral institutions, saying powers that obstruct collective governance or ignore international rules are undermining global stability.