00:00The French president has called for a common EU debt capacity and euro bonds to fund green tech, defense and security, arguing Europe must invest in its future.
00:11Emmanuel Macron warned that Europe risk being swept aside by the US and China without a common EU debt capacity.
00:19The EU is under indebted compared with the United States and China.
00:23In a moment of a technological investment race, failing to use this borrowing capacity is a profound mistake, Macron said.
00:32The French leader renewed his call for common debt through Europe bonds, arguing the EU needs around 1.2 trillion euros per year in public and private investment for green and digital technologies and defense.
00:43The EU used joint debt in 2020 to reboot the European economy after the COVID-19 pandemic, but French attempts to make such tools permanent have faced stiff pushback from Germany and the generally frugal northern member states.
00:59EU leaders will hold an informal retreat in Belgium on Thursday to discuss strengthening the single market, reducing economic dependencies and boosting competitiveness.
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