In the company of Philippe Aghion, the President discussed with Mario Draghi his report on remedies for Europe’s decline. He shares the report’s main recommendations.
“We have talent in Europe, savings, decarbonized energy, a solid social and democratic model. If we know how to make the right decisions, we have everything we need to succeed..” While Michel Barnier was in Brussels negotiating with the Commission to postpone the adjustment of French public finances, on Wednesday Emmanuel Macron, in the company of former European Central Bank (ECB) President Mario Draghi and professor Philippe Aghiona fine lecture on Europe at the Collège de France.
Capital markets, investment, innovation, regulation, industrial policy… The three men talked for an hour about the conclusions of the Italian’s report. The meeting didn’t cause much of a stir: since the publication of the booklet, Emmanuel Macron has never stopped defending it. It’s the frugal countries, led by Germany, that are holding back on the subject of investment, and therefore common debt. For Emmanuel Macron, the latter are raising a false problem. “800 billion in investment [préconisés par le rapport Draghi] are achievable if we know how to mobilize European savings”.said the Chairman. In Europe today, however, the Basel III and Solvency II regulations have distanced insurers, who hold the bulk of savings, from companies’ equity capital, stressed Mario Draghi.
The Donald Trump gas pedal
About Donald Trump’s electionEmmanuel Macron and Mario Draghi still share similar views. Neither a catastrophe nor an opportunity for a salutary awakening, the new administration is simply stepping up the pressure on old Europe. ” As far as I’m concerned, the American election does not fundamentally change what the Draghi report says about the European stall.insisted Emmanuel Macron. This is simply a moment of acceleration.“For Mario Draghi, “we need others more than they need us. We’re going to have to learn to grow up on our own..”
In the packed Marguerite de Navarre amphitheatre at the Collège de France, where the inaugural lectures took place, the applause was hearty. In the front row, economists, diplomats and even the Governor of the Banque de France listened attentively. As they left, the comments were unanimous: the French president is decidedly brilliant… but slightly out of his depth.