The European Union could be “killed” by the rise of the new “multipolar” world order, French President Emmanuel Macron has claimed.
Speaking at a Bloomberg event in Berlin on October 2, the French leader blasted what he called the rampant “overregulation” of the bloc’s single market, warning that if the union continued down its current path it risked destruction at the hands of the US and China.
“The EU could die,” Macron said, warning that the world’s larger trade blocs were ignoring international rules in favour of protecting and promoting their own economies.
If we do not have a level playing field agenda we will be killed in this market
“Our former model is over … We are overregulating and underinvesting.”
“In the two to three years to come, if we follow our classical agenda, we will be out of the market. I have no doubt,” he said.
Macron in particular highlighted the problems the EU was having with energy, adding that such struggles have allowed the US to use its Inflation Reduction Act to steal away Europe’s industry.
“Look at the chemical industry in Europe, it is being completely relocated due to the [US Inflation Reduction Act],” he said.
“It will be the same for steel. It will be the same for all existing businesses we have due to energy costs and overregulation.
“If we do not have a level playing field agenda we will be killed in this market,” he added.
Interview with @FurfariSamuele on Europe's energy crisis is now online
Watch the full interview ?? https://t.co/YKYUnUxVEA #energy #eu pic.twitter.com/OKtdO7lFU1
— Brussels Signal (@brusselssignal) October 2, 2024
The French President went on to insist that the bloc must reform in order to survive in this new world, suggesting that the EU should consider ignoring international trade rules where appropriate.
He also insisted that the EU further integrated the markets of its 27 member states to remain competitive internationally.
To do so, he added that Brussels must look to impose its various regulations on climate and labour to foreign markets that do business in the bloc, warning that a failure to fairly apply such rules to all business trading in the EU would damage the economy and push people to the Right.
What makes people crazy with Europe and integration is when you bother households in their normal life
He added that the vast majority of the public would not mind further EU market integration, adding that much of the anger against Brussels came from Eurocrats trying to micromanage various aspects of their lives.
“What makes people crazy with Europe and integration is when you bother households in their normal life,” he said, adding that market integration — which would largely consist of harmonising various national-level regulations — would not have much of an impact on the day-to-day activities of normal citizens.
Macron also warned against what he called the EU’s continued over-reliance on the US, saying that whatever the results of the presidential elections there in November, the country’s interests were moving elsewhere.
“Whatever the administration is, I think we have to be lucid on our situation,” he said.
“Europe is no more the top priority of the US. The US top priority is the US, which is normal and fair.”
“The second top priority is China and for the rest it depends on the moment,” he added.
Europe should focus on developing its own brand of artificial intelligence (AI) and leave the issue of its regulation for later, French President Emmanuel Macron has said. https://t.co/obl4S4FwEm
— Brussels Signal (@brusselssignal) September 2, 2024
Commenting on the French President’s statements, economist Philip Pilkington — who co-hosts a podcast called Multipolarity dedicated to talking about many of these issues — said it was good to see Macron “openly discuss the challenges of a multipolar world”.
Pilkington did though criticise what he said was leader’s failure to discuss in detail the impact losing cheap Russian gas has had on the bloc, adding that much of the EU’s economic woes should be traced back to that issue.
“Europe’s problem is not ‘overregulation’ or any other vague supply-side magic. Nor is it the Inflation Reduction Act – which has largely turned out to be a corrupt giveaway and a dud,” Pilkington told Brussels Signal.
“The problem is geopolitical, specifically lack of access to cheap Russian gas. That is why German chemical manufacturers are shutting down. Until they sort out the geopolitical mess they’ve created Europe will, as Macron alludes to, become irrelevant.”
The European Commission has opened infringement procedures against all but one of its member states. The procedures are for failing to comply with their EU obligations regarding renewable energy. https://t.co/6BAElK15aW
— Brussels Signal (@brusselssignal) September 30, 2024
