In Davos, Macron urges joint European debt to invest in ‘future’

French President Emmanuel Macron on Wednesday called upon Europe to take on common debt because the continent needs to invest more, in a move similar to one during the Covid-19 pandemic.

“We need more European public investment,” Macron said during a speech at the World Economic Forum. “Perhaps by daring to use ‘Eurobonds’ again” to fulfil “major priorities for the future.”

He described 2024 as a “key” year ahead of polls in all 27 countries for the European Parliament later this year.

The French leader also said the EU had to “deepen the capital markets union,” adding: “We must absolutely have a Europe that is more financially integrated.”

Macron said even if the issue was blocked at the EU level, France would seek “closer cooperation” with others on the issue as “we must absolutely advance.”

Europe has money, Macron said, but it is “poorly allocated.”

“It does not go to the right areas, it does not go to the right sectors.”