Macron pushes for a ‘powerful Europe’ – and revives the eurobonds debate

On 9 February, Emmanuel Macron gave an interview to several European media outlets, including Le Monde, using the moment to argue for a “powerful Europe” ahead of an informal summit of EU leaders in Alden Biesen, Belgium, on 12 February. Competitiveness and industry will be at the centre of that meeting.

The French president’s message was blunt: Europe must brace for a tougher geopolitical environment shaped by China and the United States.

Strategic sovereignty front and centre

Macron argued that the EU needs to speed up reforms and strengthen its economic and strategic sovereignty. In his view, Europe must be powerful economically and financially, but also in defence, security and democratic resilience.

On the economic front, he called for deepening the single market — notably through advancing the capital markets union and further integrating electricity grids. 

At the same time, he backed a form of targeted protectionism, advocating for a genuine European preference in certain strategic sectors.

Macron also reiterated France’s opposition to the Mercosur trade agreement, describing it as outdated and poorly negotiated. 

However, he suggested that its overall economic impact is likely to be more limited than both critics and supporters claim.

€1.2 trillion a year in investment needs

A central theme of the interview was investment. Macron stressed the need to scale up spending on security and defence, green transition technologies, AI  and quantum computing.

He estimated that combined public and private investment needs across the EU amount to roughly €1.2 trillion per year, covering green and digital technologies as well as defence and security.

To finance that effort, Macron revived a politically sensitive idea: common European debt. 

He argued that the EU should create a shared borrowing capacity through eurobonds and launch large-scale European programmes to fund the most strategic projects, particularly in the green transition, AI and quantum technologies.

Tensions with Washington here to stay

On transatlantic relations, Macron warned that current tensions with the United States are structural rather than temporary. He cautioned that American trade pressure and economic intimidation are unlikely to fade anytime soon.