What to make of Macron's Eurobonds initiative?
In the run-up to an informal summit of EU heads of state and government on Thursday, French President Emmanuel Macron has called for the introduction of joint European debt. Europe must invest more, protect its economy and be more assertive, Macron said in an interview with several European media outlets. Germany was quick to reject the proposal.
Scepticism despite solid arguments
The repositioning of Europe which Macron is calling for is long overdue, says The Economist:
“There will be plenty of scepticism about some of Mr Macron's appeals. His domestic political situation is weak. He has no majority in parliament, and only 15 months left in office to push his ideas through. There is bafflement in many European capitals that France refused in January to back the EU-Mercosur trade deal with Latin American countries, even as its leader was arguing for diversifying European trade in the name of strategic autonomy. But few would dispute Mr Macron's warnings that Europe is too slow and too fragmented, and that it is running out of time to fix its problems.”
Taboo for Berlin
Macron is also facing resistance, Corriere della Sera adds:
“French President Emmanuel Macron points to the need for 'Eurobonds for joint debt' to finance projects for the ecological transition, artificial intelligence and quantum computers, and he insists on the idea of 'European preference' incentives - namely safeguard clauses - when goods contain a certain proportion of EU-produced components, and the purchase of European materials ('Buy European') to protect EU companies. These are two positions that Berlin, for whom joint debt remains taboo, does not share, whereas Italy is in favour of them.”
All about French debt
It's clear what Macron's real goal is here, political scientist Jarosław Kuisz comments in Interia:
“Right now everything seems to indicate that the ideas for joint EU debt are indirectly aimed at curbing the rising costs of servicing French government debt. ... If Eurobonds are to be the foundation of a powerful Europe, they must result from the strength, credibility and stability of the project, not from desperation at the end of a politician's term in office. Otherwise, they will be just another elegant euphemism for political impotence.”