Emmanuel Macron, the President of France who advocates for reforming the European Union (EU), stated that efforts to integrate financial markets within the bloc must be accelerated. He explained that large French financial institutions such as BNP Paribas should be able to freely acquire or be acquired by competitors within the EU.
In an interview with Bloomberg News released on the 14th, President Macron said, "Energy, finance, and telecommunications are major sectors where a single market does not exist," adding, "We need to open the box and provide a much more efficient single market approach."
Having repeatedly called for EU reform in recent official appearances, President Macron emphasized again that reducing regulations within the bloc and integrating capital markets are essential to compete with the United States, China, and others. He diagnosed that the pillars supporting the EU economy?cheap Russian energy costs, the Chinese export market, and the geopolitical umbrella of the United States?"are no longer valid." He further stated that "an additional $1 trillion (EU budget) is needed" and "at the same time, capital market integration must be realized."
Specifically, President Macron said there are "several issues" for BNP Paribas to acquire competitors in other EU member states and that "integration is necessary." When asked whether a Spanish bank could acquire French companies such as Soci?t? G?n?rale, he replied, "Yes." He also called for deregulation, saying, "A competitive environment at the same level as the United States is needed in terms of financing."
Regarding this, Bloomberg News pointed out that large-scale mergers within the EU bloc have not been properly pursued since the financial crisis that revealed fractures in the European financial market, noting, "There is a fundamental problem. Member states are reluctant to allow their largest domestic companies to be acquired by competitors from other member states, even if it helps strengthen the overall EU economy."
President Macron warned again on this day, saying, "We need to completely reset the model," and cautioned that failure to reform would trap the EU in a path of long-term economic decline. In a speech at Sorbonne University last month, he also argued that the EU is in a critical crisis and must strengthen its own defense without relying on the United States.
Additionally, regarding speculation that the French company Total might move its listing to the New York Stock Exchange due to EU climate regulations, President Macron expressed a negative stance, saying, "I am not at all pleased and very surprised," and "I know it is a rumor, so I will watch closely." About the 'Choose France' summit held the previous day, which attracted investments worth approximately 15 billion euros from global companies such as Microsoft (MS) and Amazon, he expressed confidence, stating, "France is a leading economy." This is the largest scale ever.
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