All language subtitles for French President Emmanuel Macron delivers speech at Davos Forum • FRANCE 24 English [6Lvu6WPuRS0].en

M is going to be speaking.

M is going to be speaking.
>> Thank you very much L for your words,

>> Thank you very much L for your words,

>> Thank you very much L for your words,
your majesties,

your majesties,

your majesties,
distinguished head of state and

distinguished head of state and

distinguished head of state and
governments, President Lagard,

governments, President Lagard,

governments, President Lagard,
ministers, ambassadors,

ministers, ambassadors,

ministers, ambassadors,
business leaders, ladies and gentlemen.

business leaders, ladies and gentlemen.

business leaders, ladies and gentlemen.
I'm I'm extremely happy to be here and

I'm I'm extremely happy to be here and

I'm I'm extremely happy to be here and
um

um

um
it's it's great to be here as a

it's it's great to be here as a

it's it's great to be here as a
financial times would say and [snorts]

financial times would say and [snorts]

financial times would say and [snorts]
um and uh and it's a time of peace,

um and uh and it's a time of peace,

um and uh and it's a time of peace,
stability and and predictability.

[snorts]

[snorts]
Uh so let's try to address the key

Uh so let's try to address the key

Uh so let's try to address the key
challenge of this world in a in in in a

challenge of this world in a in in in a

challenge of this world in a in in in a
few minutes time. But it's clear that we

few minutes time. But it's clear that we

few minutes time. But it's clear that we
are we are reaching a time of of

are we are reaching a time of of

are we are reaching a time of of
unstability of unbalances

unstability of unbalances

unstability of unbalances
both from the security and defense point

both from the security and defense point

both from the security and defense point
of view and the economic point of view.

of view and the economic point of view.

of view and the economic point of view.
Look at the situation where we are.

Look at the situation where we are.

Look at the situation where we are.
I mean a shift towards autocracy against

I mean a shift towards autocracy against

I mean a shift towards autocracy against
democracy, more violence, more than 60

democracy, more violence, more than 60

democracy, more violence, more than 60
wars in 2024, an absolute record even if

wars in 2024, an absolute record even if

wars in 2024, an absolute record even if
I understood a few of them were fixed.

I understood a few of them were fixed.

I understood a few of them were fixed.
And um and conflict has become

And um and conflict has become

And um and conflict has become
normalized. hybrid expanding into new

normalized. hybrid expanding into new

normalized. hybrid expanding into new
demands, space, digital, information,

demands, space, digital, information,

demands, space, digital, information,
cyber, trade, and so on.

cyber, trade, and so on.

cyber, trade, and so on.
It's as well a shift towards a world

It's as well a shift towards a world

It's as well a shift towards a world
without rules,

without rules,

without rules,
where international law is trampled

where international law is trampled

where international law is trampled
underfoot and where the only law that

underfoot and where the only law that

underfoot and where the only law that
seems to matter is that of the strongest

seems to matter is that of the strongest

seems to matter is that of the strongest
and imperial ambitions are resurfacing.

and imperial ambitions are resurfacing.

and imperial ambitions are resurfacing.
Obviously, the Russian war, the Russian

Obviously, the Russian war, the Russian

Obviously, the Russian war, the Russian
war of aggression against Ukraine,

war of aggression against Ukraine,

war of aggression against Ukraine,
which will enter into its fourth year

which will enter into its fourth year

which will enter into its fourth year
next month,

next month,

next month,
[snorts] and conflicts continue in the

[snorts] and conflicts continue in the

[snorts] and conflicts continue in the
Middle East and across Africa. This is

Middle East and across Africa. This is

Middle East and across Africa. This is
as well a shift towards a world without

as well a shift towards a world without

as well a shift towards a world without
effective collective governance and

effective collective governance and

effective collective governance and
where multilateralism is weakened by

where multilateralism is weakened by

where multilateralism is weakened by
powers that obstruct it or turn away

powers that obstruct it or turn away

powers that obstruct it or turn away
from it and rules are undermined.

from it and rules are undermined.

from it and rules are undermined.
And I can multiply the examples of

And I can multiply the examples of

And I can multiply the examples of
international bodies

international bodies

international bodies
weakened or left by the key economies.

weakened or left by the key economies.

weakened or left by the key economies.
And when we look at the situation, it's

And when we look at the situation, it's

And when we look at the situation, it's
it's clearly a very concerning time

it's clearly a very concerning time

it's clearly a very concerning time
because we are killing the structure

because we are killing the structure

because we are killing the structure
where we can fix the situation and the

where we can fix the situation and the

where we can fix the situation and the
common challenges we have. Without

common challenges we have. Without

common challenges we have. Without
collective governance, cooperation gives

collective governance, cooperation gives

collective governance, cooperation gives
way to relentless competition.

way to relentless competition.

way to relentless competition.
competition from the United States of

competition from the United States of

competition from the United States of
America through trade agreements that

America through trade agreements that

America through trade agreements that
undermine our export interests, demand

undermine our export interests, demand

undermine our export interests, demand
maximum concession concessions, and

maximum concession concessions, and

maximum concession concessions, and
openly aim to weaken and subordinate

openly aim to weaken and subordinate

openly aim to weaken and subordinate
Europe, combined with an endless

Europe, combined with an endless

Europe, combined with an endless
accumulation of new tariffs that are

accumulation of new tariffs that are

accumulation of new tariffs that are
fundamentally unacceptable, even more so

fundamentally unacceptable, even more so

fundamentally unacceptable, even more so
when they are used as leverage against

when they are used as leverage against

when they are used as leverage against
territorial sovereignty and competition

territorial sovereignty and competition

territorial sovereignty and competition
from China, where massive excess

from China, where massive excess

from China, where massive excess
capacities are distorted. practices

capacities are distorted. practices

capacities are distorted. practices
threaten to overwhelm entire industrial

threaten to overwhelm entire industrial

threaten to overwhelm entire industrial
and commercial sectors.

and commercial sectors.

and commercial sectors.
Export control has become more

Export control has become more

Export control has become more
dangerous. New tools destabilizing

dangerous. New tools destabilizing

dangerous. New tools destabilizing
global trade and the international

global trade and the international

global trade and the international
system.

system.

system.
And the answer in order to fix this

And the answer in order to fix this

And the answer in order to fix this
issue is more cooperation

and building new approaches. And it's

and building new approaches. And it's
clearly building more economic

clearly building more economic

clearly building more economic
sovereignty and strategic economy

sovereignty and strategic economy

sovereignty and strategic economy
especially for the Europeans which is

especially for the Europeans which is

especially for the Europeans which is
for me the core answer

for me the core answer

for me the core answer
in this context. I want to exclude two

in this context. I want to exclude two

in this context. I want to exclude two
approaches.

approaches.

approaches.
The first approach would be to I would

The first approach would be to I would

The first approach would be to I would
say to passively accept the law of the

say to passively accept the law of the

say to passively accept the law of the
strongest

strongest

strongest
leading to vesselization

leading to vesselization

leading to vesselization
and block politics.

and block politics.

and block politics.
I think accepting a sort of new colonial

I think accepting a sort of new colonial

I think accepting a sort of new colonial
approach doesn't make sense and all the

approach doesn't make sense and all the

approach doesn't make sense and all the
head of states and government and

head of states and government and

head of states and government and
business leaders which would be too

business leaders which would be too

business leaders which would be too
complacent with such an approach will

complacent with such an approach will

complacent with such an approach will
take huge responsibility.

take huge responsibility.

take huge responsibility.
The second would be to adopt a purely

The second would be to adopt a purely

The second would be to adopt a purely
moral posture limiting ourselves to

moral posture limiting ourselves to

moral posture limiting ourselves to
commander.

commander.

commander.
That path would condemn us to

That path would condemn us to

That path would condemn us to
marginalization

marginalization

marginalization
and powerlessness.

and powerlessness.

and powerlessness.
Faced with the brutalization of the

Faced with the brutalization of the

Faced with the brutalization of the
world, France and Europe must defend an

world, France and Europe must defend an

world, France and Europe must defend an
effective multilateralism

effective multilateralism

effective multilateralism
because it serves our interests and

because it serves our interests and

because it serves our interests and
those of all who refuse to submit to the

those of all who refuse to submit to the

those of all who refuse to submit to the
rule of force.

rule of force.

rule of force.
And for me the two answers are on one

And for me the two answers are on one

And for me the two answers are on one
side

side

side
more sovereignty and more autonomy for

more sovereignty and more autonomy for

more sovereignty and more autonomy for
the Europeans on the other size and

the Europeans on the other size and

the Europeans on the other size and
efficient multilateralism

efficient multilateralism

efficient multilateralism
to deliver

to deliver

to deliver
results through cooperation.

results through cooperation.

results through cooperation.
Obviously France and Europe are attached

Obviously France and Europe are attached

Obviously France and Europe are attached
to national sovereignty and independence

to national sovereignty and independence

to national sovereignty and independence
to the United Nations and to its

to the United Nations and to its

to the United Nations and to its
charter. And it's not an old-fashioned

charter. And it's not an old-fashioned

charter. And it's not an old-fashioned
way to live multi multilateralism. It's

way to live multi multilateralism. It's

way to live multi multilateralism. It's
news not to totally forget

news not to totally forget

news not to totally forget
what we learned from the Second World

what we learned from the Second World

what we learned from the Second World
War and remain committed to cooperation.

War and remain committed to cooperation.

War and remain committed to cooperation.
And this is also because of those

And this is also because of those

And this is also because of those
principles that we have decided to join

principles that we have decided to join

principles that we have decided to join
the mutual exercise in Greenland without

the mutual exercise in Greenland without

the mutual exercise in Greenland without
threatening anyone but just supporting

threatening anyone but just supporting

threatening anyone but just supporting
an ally and another European country,

an ally and another European country,

an ally and another European country,
Denmark.

Denmark.

Denmark.
facing this order and this new

facing this order and this new

facing this order and this new
situation.

situation.

situation.
Um, this year France holds the G7

Um, this year France holds the G7

Um, this year France holds the G7
presidency with a clear ambition to

presidency with a clear ambition to

presidency with a clear ambition to
restore the G7 as a forum for frank

restore the G7 as a forum for frank

restore the G7 as a forum for frank
dialogue among major economies and for

dialogue among major economies and for

dialogue among major economies and for
collective and cooperative solutions.

collective and cooperative solutions.

collective and cooperative solutions.
Trade wars, protectionist escalation,

Trade wars, protectionist escalation,

Trade wars, protectionist escalation,
races towards over production will only

races towards over production will only

races towards over production will only
produce losers. This is why addressing

produce losers. This is why addressing

produce losers. This is why addressing
global economic imbalances is our key

global economic imbalances is our key

global economic imbalances is our key
priority. And if we look at the

priority. And if we look at the

priority. And if we look at the
situation, the current imbalances are

situation, the current imbalances are

situation, the current imbalances are
due to some key phenomena. And we all

due to some key phenomena. And we all

due to some key phenomena. And we all
have to deliver our own agenda.

have to deliver our own agenda.

have to deliver our own agenda.
This includes American overconump

This includes American overconump

This includes American overconump
overconumption,

overconumption,

overconumption,
Chinese under consumption and

Chinese under consumption and

Chinese under consumption and
overinvestment and European

overinvestment and European

overinvestment and European
underinvestment and lack of

underinvestment and lack of

underinvestment and lack of
competitiveness.

competitiveness.

competitiveness.
And these imbalances are also reflected

And these imbalances are also reflected

And these imbalances are also reflected
in development gaps by the way. And we

in development gaps by the way. And we

in development gaps by the way. And we
can no longer settle for aid that

can no longer settle for aid that

can no longer settle for aid that
neither delivers sufficient result nor

neither delivers sufficient result nor

neither delivers sufficient result nor
enables countries to escape poverty. So

enables countries to escape poverty. So

enables countries to escape poverty. So
our objective

our objective

our objective
through the G7 is to demonstrate that

through the G7 is to demonstrate that

through the G7 is to demonstrate that
the world's major powers are still

the world's major powers are still

the world's major powers are still
capable of reaching a shared diagnosis

capable of reaching a shared diagnosis

capable of reaching a shared diagnosis
of the global economy and committing to

of the global economy and committing to

of the global economy and committing to
concrete actions.

concrete actions.

concrete actions.
Cooperating

Cooperating

Cooperating
is not blaming is not about blaming

is not blaming is not about blaming

is not blaming is not about blaming
others. It is about assuming one's share

others. It is about assuming one's share

others. It is about assuming one's share
of responsibility and contributing to

of responsibility and contributing to

of responsibility and contributing to
solutions. So the objective of this G7

solutions. So the objective of this G7

solutions. So the objective of this G7
will be to build this framework of

will be to build this framework of

will be to build this framework of
cooperation in order to fix the roots of

cooperation in order to fix the roots of

cooperation in order to fix the roots of
these imbalances and restore efficient

these imbalances and restore efficient

these imbalances and restore efficient
convergence and cooperation through

convergence and cooperation through

convergence and cooperation through
multilateral frameworks. And the other

multilateral frameworks. And the other

multilateral frameworks. And the other
objective is as well to build bridges

objective is as well to build bridges

objective is as well to build bridges
and more cooperations with the emerging

and more cooperations with the emerging

and more cooperations with the emerging
countries the bricks and the G20 because

countries the bricks and the G20 because

countries the bricks and the G20 because
the fragmentation of this world would

the fragmentation of this world would

the fragmentation of this world would
not make sense.

not make sense.

not make sense.
Here this point is for I would say the

Here this point is for I would say the

Here this point is for I would say the
global agenda and howy uh our G7 agenda.

global agenda and howy uh our G7 agenda.

global agenda and howy uh our G7 agenda.
On the other side we have the European

On the other side we have the European

On the other side we have the European
answer and for me Europe clearly has to

answer and for me Europe clearly has to

answer and for me Europe clearly has to
fix its key issues. lack of growth, the

fix its key issues. lack of growth, the

fix its key issues. lack of growth, the
lack of GDP per capita growth and um the

lack of GDP per capita growth and um the

lack of GDP per capita growth and um the
three pillars of our strategy in order

three pillars of our strategy in order

three pillars of our strategy in order
to deliver more sovereignty, more

to deliver more sovereignty, more

to deliver more sovereignty, more
efficiency and more growth would be

efficiency and more growth would be

efficiency and more growth would be
based on protection, simplification and

based on protection, simplification and

based on protection, simplification and
investment. [snorts] Because the

investment. [snorts] Because the

investment. [snorts] Because the
diagnosis is well known, European

diagnosis is well known, European

diagnosis is well known, European
competitiveness still lacks behind that

competitiveness still lacks behind that

competitiveness still lacks behind that
of the US and in the current global

of the US and in the current global

of the US and in the current global
order facing uh precisely the Chinese

order facing uh precisely the Chinese

order facing uh precisely the Chinese
approach, we have to react. So first

approach, we have to react. So first

approach, we have to react. So first
protection protection doesn't mean

protection protection doesn't mean

protection protection doesn't mean
protectionism

protectionism

protectionism
but today's Europeans are too naive.

but today's Europeans are too naive.

but today's Europeans are too naive.
This is the unique market open to

This is the unique market open to

This is the unique market open to
everybody without checking level playing

everybody without checking level playing

everybody without checking level playing
field. Nobody can access the Chinese

field. Nobody can access the Chinese

field. Nobody can access the Chinese
market as people are exceeding accessing

market as people are exceeding accessing

market as people are exceeding accessing
the European market for sure. But even

the European market for sure. But even

the European market for sure. But even
if you take the US and a lot of other

if you take the US and a lot of other

if you take the US and a lot of other
countries,

countries,

countries,
the level of protection does exist for

the level of protection does exist for

the level of protection does exist for
investment and trade and the Europeans

investment and trade and the Europeans

investment and trade and the Europeans
are the only one not to protect their

are the only one not to protect their

are the only one not to protect their
own companies and their own markets when

own companies and their own markets when

own companies and their own markets when
the other countries doesn't respect

the other countries doesn't respect

the other countries doesn't respect
level playing field.

level playing field.

level playing field.
This is why we have to be much more

This is why we have to be much more

This is why we have to be much more
realistic if we want to pro protect

realistic if we want to pro protect

realistic if we want to pro protect
our chemical industry, our industry from

our chemical industry, our industry from

our chemical industry, our industry from
the automotive sectors to a lot of

the automotive sectors to a lot of

the automotive sectors to a lot of
others because they are being literally

others because they are being literally

others because they are being literally
killed by the lack of respect of a

killed by the lack of respect of a

killed by the lack of respect of a
normal framework and and level playing

normal framework and and level playing

normal framework and and level playing
field. Europe has very strong tools now

field. Europe has very strong tools now

field. Europe has very strong tools now
and we have to use them when we are not

and we have to use them when we are not

and we have to use them when we are not
respected and when the rule of the game

respected and when the rule of the game

respected and when the rule of the game
are not respected. By the way, the

are not respected. By the way, the

are not respected. By the way, the
anti-co mechanism is a powerful

anti-co mechanism is a powerful

anti-co mechanism is a powerful
instrument and we should not hesitate to

instrument and we should not hesitate to

instrument and we should not hesitate to
deploy it in today's tough environment.

deploy it in today's tough environment.

deploy it in today's tough environment.
We must also advance the principle of

We must also advance the principle of

We must also advance the principle of
European preference. There is a North

European preference. There is a North

European preference. There is a North
American preference in your market.

American preference in your market.

American preference in your market.
There is no European preference today.

There is no European preference today.

There is no European preference today.
We are progressively creating it and in

We are progressively creating it and in

We are progressively creating it and in
the latest documents and decisions taken

the latest documents and decisions taken

the latest documents and decisions taken
by the decisions we we we do have the

by the decisions we we we do have the

by the decisions we we we do have the
first examples of that. But this is

first examples of that. But this is

first examples of that. But this is
extremely good and we are currently

extremely good and we are currently

extremely good and we are currently
aligning closely with Germany to deliver

aligning closely with Germany to deliver

aligning closely with Germany to deliver
an ambitious and simple framework and

an ambitious and simple framework and

an ambitious and simple framework and
this is a decisive project and I count

this is a decisive project and I count

this is a decisive project and I count
on the European Commission to present a

on the European Commission to present a

on the European Commission to present a
proposal as well by by early 2026 with

proposal as well by by early 2026 with

proposal as well by by early 2026 with
the highest possible level of ambition

the highest possible level of ambition

the highest possible level of ambition
in order to deliver

in order to deliver

in order to deliver
I would say across the different sectors

I would say across the different sectors

I would say across the different sectors
the principle of European preference.

the principle of European preference.

the principle of European preference.
This is a necessity.

This is a necessity.

This is a necessity.
We must act on imports as well.

We must act on imports as well.

We must act on imports as well.
Regarding this protection issue and in

Regarding this protection issue and in

Regarding this protection issue and in
context of escalating trade tensions and

context of escalating trade tensions and

context of escalating trade tensions and
Asian overcapacities,

Asian overcapacities,

Asian overcapacities,
Europe must strengthen its trade defense

Europe must strengthen its trade defense

Europe must strengthen its trade defense
instruments including mirror measures to

instruments including mirror measures to

instruments including mirror measures to
enforce regulatory standards. And we

enforce regulatory standards. And we

enforce regulatory standards. And we
must improve the quality and added value

must improve the quality and added value

must improve the quality and added value
of foreign direct investments targeting

of foreign direct investments targeting

of foreign direct investments targeting
projects with strong export potential.

projects with strong export potential.

projects with strong export potential.
And this is core for the rebalancing

And this is core for the rebalancing

And this is core for the rebalancing
with China.

with China.

with China.
China is welcome but what we need is

China is welcome but what we need is

China is welcome but what we need is
more Chinese foreign diet investments in

more Chinese foreign diet investments in

more Chinese foreign diet investments in
Europe in some key sectors to contribute

Europe in some key sectors to contribute

Europe in some key sectors to contribute
to our growth to transfer some

to our growth to transfer some

to our growth to transfer some
technologies and not just to export

technologies and not just to export

technologies and not just to export
towards Europe some devices or produces

towards Europe some devices or produces

towards Europe some devices or produces
or products which sometimes don't have

or products which sometimes don't have

or products which sometimes don't have
the same standards or are more are much

the same standards or are more are much

the same standards or are more are much
more subsidized are the one being

more subsidized are the one being

more subsidized are the one being
produced in Europe.

produced in Europe.

produced in Europe.
It's not being protectionist. It's just

It's not being protectionist. It's just

It's not being protectionist. It's just
restoring this level playing field and

restoring this level playing field and

restoring this level playing field and
protecting our industry. So from safe

protecting our industry. So from safe

protecting our industry. So from safe
safeguard closes to my world closes to

safeguard closes to my world closes to

safeguard closes to my world closes to
European preferences and incentives for

European preferences and incentives for

European preferences and incentives for
more FDIs,

more FDIs,

more FDIs,
this strategy is absolutely key. And in

this strategy is absolutely key. And in

this strategy is absolutely key. And in
parallel, protecting our economies will

parallel, protecting our economies will

parallel, protecting our economies will
also require a resilient strategy on

also require a resilient strategy on

also require a resilient strategy on
both important exports to derisk supply

both important exports to derisk supply

both important exports to derisk supply
chains particularly for raw materials,

chains particularly for raw materials,

chains particularly for raw materials,
rare earths, semiconductors, chips and

rare earths, semiconductors, chips and

rare earths, semiconductors, chips and
to diversify our trade partners. The

to diversify our trade partners. The

to diversify our trade partners. The
second pillar of the European economy

second pillar of the European economy

second pillar of the European economy
and and European strategy should be

and and European strategy should be

and and European strategy should be
simplification.

simplification.

simplification.
And when I speak about simplification,

And when I speak about simplification,

And when I speak about simplification,
we started with CSRD, CSLD

we started with CSRD, CSLD

we started with CSRD, CSLD
and we have to do much more on different

and we have to do much more on different

and we have to do much more on different
sectors and we did it during the past

sectors and we did it during the past

sectors and we did it during the past
few weeks on automotive and we have to

few weeks on automotive and we have to

few weeks on automotive and we have to
do it on chemical, digital, AI, banking

do it on chemical, digital, AI, banking

do it on chemical, digital, AI, banking
and so on. And the core of this

and so on. And the core of this

and so on. And the core of this
simplification is sometimes to get rid

simplification is sometimes to get rid

simplification is sometimes to get rid
of some recent regulations when they

of some recent regulations when they

of some recent regulations when they
disynchronize in a certain way the

disynchronize in a certain way the

disynchronize in a certain way the
European Union in comparison with the

European Union in comparison with the

European Union in comparison with the
rest of the world. But we have as well

rest of the world. But we have as well

rest of the world. But we have as well
to accelerate the deepening of the

to accelerate the deepening of the

to accelerate the deepening of the
single market on all these sectors. The

single market on all these sectors. The

single market on all these sectors. The
450 millions inhabitants

450 millions inhabitants

450 millions inhabitants
and consumers market should be the

and consumers market should be the

and consumers market should be the
domestic market of all the EU companies.

domestic market of all the EU companies.

domestic market of all the EU companies.
It's not yet the case as long as you

It's not yet the case as long as you

It's not yet the case as long as you
have complexities.

have complexities.

have complexities.
In doing so, we must ensure respect,

In doing so, we must ensure respect,

In doing so, we must ensure respect,
technological neutrality and

technological neutrality and

technological neutrality and
nondiscrimination within the European

nondiscrimination within the European

nondiscrimination within the European
Union. This is another pillar, another

Union. This is another pillar, another

Union. This is another pillar, another
point of simplification,

point of simplification,

point of simplification,
neutral approach in terms of technology

neutral approach in terms of technology

neutral approach in terms of technology
and nondiscrimination.

and nondiscrimination.

and nondiscrimination.
We discriminate during such a long time

We discriminate during such a long time

We discriminate during such a long time
between the different source of

between the different source of

between the different source of
energies. It's counter it's

energies. It's counter it's

energies. It's counter it's
counterproductive for the Europeans

counterproductive for the Europeans

counterproductive for the Europeans
themselves.

themselves.

themselves.
Companies have a role to play and we

Companies have a role to play and we

Companies have a role to play and we
must we must act and you must act and

must we must act and you must act and

must we must act and you must act and
clearly

clearly

clearly
you must help identify and concretely

you must help identify and concretely

you must help identify and concretely
help us to simplify where it is needed.

help us to simplify where it is needed.

help us to simplify where it is needed.
But for me this agenda of simplification

But for me this agenda of simplification

But for me this agenda of simplification
is not a matter of discussion but just

is not a matter of discussion but just

is not a matter of discussion but just
implementation speed and scale. [snorts]

implementation speed and scale. [snorts]

implementation speed and scale. [snorts]
The third pillar of the European

The third pillar of the European

The third pillar of the European
strategy for more competitiveness

strategy for more competitiveness

strategy for more competitiveness
and more autonomy

and more autonomy

and more autonomy
is based on investment and innovation.

is based on investment and innovation.

is based on investment and innovation.
We have to invest much more. If there is

We have to invest much more. If there is

We have to invest much more. If there is
a GDP per capita so different between

a GDP per capita so different between

a GDP per capita so different between
the US and Europe,

the US and Europe,

the US and Europe,
65% to 70% of the explanation is due to

65% to 70% of the explanation is due to

65% to 70% of the explanation is due to
the difference in terms of innovation.

the difference in terms of innovation.

the difference in terms of innovation.
And the US was much more innovative

And the US was much more innovative

And the US was much more innovative
because of public and private

because of public and private

because of public and private
investment.

investment.

investment.
So [snorts] in our budget for the the

So [snorts] in our budget for the the

So [snorts] in our budget for the the
months to come because we will negotiate

months to come because we will negotiate

months to come because we will negotiate
during the years this year in Europe we

during the years this year in Europe we

during the years this year in Europe we
have to invest much more money in the

have to invest much more money in the

have to invest much more money in the
critical sectors where the innovation

critical sectors where the innovation

critical sectors where the innovation
will be made AI quantity green tech but

will be made AI quantity green tech but

will be made AI quantity green tech but
as defense and security the size of our

as defense and security the size of our

as defense and security the size of our
common budget is not the right one we

common budget is not the right one we

common budget is not the right one we
have to invest much more money in order

have to invest much more money in order

have to invest much more money in order
to be much more credible and accelerate

to be much more credible and accelerate

to be much more credible and accelerate
this innovation agenda but at the same

this innovation agenda but at the same

this innovation agenda but at the same
time if you look at the situation

time if you look at the situation

time if you look at the situation
we don't have sufficient private

we don't have sufficient private

we don't have sufficient private
investment and this is one of the main

investment and this is one of the main

investment and this is one of the main
difference. We do have the savings as

difference. We do have the savings as

difference. We do have the savings as
the Europeans

the Europeans

the Europeans
much more than the US by the way but

much more than the US by the way but

much more than the US by the way but
this saving is overinvested

in bonds and sometimes in equities but

in bonds and sometimes in equities but
outside Europe.

outside Europe.

outside Europe.
So this is why the top priority should

So this is why the top priority should

So this is why the top priority should
be securitization program. It is

be securitization program. It is

be securitization program. It is
prepared. We have to accelerate the

prepared. We have to accelerate the

prepared. We have to accelerate the
implement the implementation and second

implement the implementation and second

implement the implementation and second
capital market union [snorts] precisely

capital market union [snorts] precisely

capital market union [snorts] precisely
in order to have more integration and

in order to have more integration and

in order to have more integration and
simplification but to have an efficient

simplification but to have an efficient

simplification but to have an efficient
capital market uh union in order to

capital market uh union in order to

capital market uh union in order to
invest much more money and use our

invest much more money and use our

invest much more money and use our
savings to be invested on innovation and

savings to be invested on innovation and

savings to be invested on innovation and
equity in Europe.

equity in Europe.

equity in Europe.
This agenda for me is our top priority

This agenda for me is our top priority

This agenda for me is our top priority
both the global and the European one and

both the global and the European one and

both the global and the European one and
it is to be implemented in the months to

it is to be implemented in the months to

it is to be implemented in the months to
come because everything is about

come because everything is about

come because everything is about
acceleration and France is committed to

acceleration and France is committed to

acceleration and France is committed to
deliver this agenda. We work very

deliver this agenda. We work very

deliver this agenda. We work very
closely with our key partner and at the

closely with our key partner and at the

closely with our key partner and at the
same time our objective for France is to

same time our objective for France is to

same time our objective for France is to
stabilize

stabilize

stabilize
our results [snorts] and our our macro

our results [snorts] and our our macro

our results [snorts] and our our macro
approach and to remain the highly

approach and to remain the highly

approach and to remain the highly
attractive country we are. We've been uh

attractive country we are. We've been uh

attractive country we are. We've been uh
the most attractive country of Europe

the most attractive country of Europe

the most attractive country of Europe
during the past six years. And to

during the past six years. And to

during the past six years. And to
consolidate

consolidate

consolidate
our deep structural reforms and our key

our deep structural reforms and our key

our deep structural reforms and our key
advantage

advantage

advantage
and on top of the business framework we

and on top of the business framework we

and on top of the business framework we
have I want here to insist on the fact

have I want here to insist on the fact

have I want here to insist on the fact
that we have a competitive stable

that we have a competitive stable

that we have a competitive stable
lowcarbon electricity supply. We

lowcarbon electricity supply. We

lowcarbon electricity supply. We
exported last last year 90 terowatt of

exported last last year 90 terowatt of

exported last last year 90 terowatt of
electricity and low carbon one based on

electricity and low carbon one based on

electricity and low carbon one based on
our nuclear model. We have world-class

our nuclear model. We have world-class

our nuclear model. We have world-class
innovation and research capabilities and

innovation and research capabilities and

innovation and research capabilities and
we will improve them. And we have one of

we will improve them. And we have one of

we will improve them. And we have one of
the most vivid and active ecosystem in

the most vivid and active ecosystem in

the most vivid and active ecosystem in
AI, quantum computing, energy transition

AI, quantum computing, energy transition

AI, quantum computing, energy transition
etc etc and a lot of the startups and

etc etc and a lot of the startups and

etc etc and a lot of the startups and
unicorns and large caps of these sectors

unicorns and large caps of these sectors

unicorns and large caps of these sectors
are with me in my delegation today. And

are with me in my delegation today. And

are with me in my delegation today. And
on top of that, let me insist and I will

on top of that, let me insist and I will

on top of that, let me insist and I will
stop here on the fact that we have a

stop here on the fact that we have a

stop here on the fact that we have a
high quality infrastructure and large

high quality infrastructure and large

high quality infrastructure and large
market with strong purchasing power and

market with strong purchasing power and

market with strong purchasing power and
we have a place where rule of law and

we have a place where rule of law and

we have a place where rule of law and
predictability

predictability

predictability
is still the rule of the game.

is still the rule of the game.

is still the rule of the game.
And my guess is that it is largely

And my guess is that it is largely

And my guess is that it is largely
underpriced by the market

underpriced by the market

underpriced by the market
and beyond what you can do in terms of

and beyond what you can do in terms of

and beyond what you can do in terms of
investment, what you can do in terms of

investment, what you can do in terms of

investment, what you can do in terms of
strong ambitions, having a place like

strong ambitions, having a place like

strong ambitions, having a place like
Europe which sometimes is too slow for

Europe which sometimes is too slow for

Europe which sometimes is too slow for
sure and is to be reformed for sure

sure and is to be reformed for sure

sure and is to be reformed for sure
but which is predictable,

but which is predictable,

but which is predictable,
loyal and when where you know that the

loyal and when where you know that the

loyal and when where you know that the
rule of the game is just the rule of

rule of the game is just the rule of

rule of the game is just the rule of
law.

law.

law.
It's a good place

It's a good place

It's a good place
and I think this is a good place for

and I think this is a good place for

and I think this is a good place for
today and for tomorrow.

today and for tomorrow.

today and for tomorrow.
So we will be committed during 2026 to

So we will be committed during 2026 to

So we will be committed during 2026 to
to try to deliver this global agenda in

to try to deliver this global agenda in

to try to deliver this global agenda in
order to fix global imbalances through

order to fix global imbalances through

order to fix global imbalances through
more cooperations.

more cooperations.

more cooperations.
And u we will do our best in order to

And u we will do our best in order to

And u we will do our best in order to
have a stronger Europe,

have a stronger Europe,

have a stronger Europe,
much stronger and more autonomous based

much stronger and more autonomous based

much stronger and more autonomous based
on the the the pillars I just mentioned

on the the the pillars I just mentioned

on the the the pillars I just mentioned
and based as well and we can revert in

and based as well and we can revert in

and based as well and we can revert in
the dialogue but on more investment and

the dialogue but on more investment and

the dialogue but on more investment and
commitments on defense and security

commitments on defense and security

commitments on defense and security
because we have to invest much more and

because we have to invest much more and

because we have to invest much more and
invest much more because we do believe

invest much more because we do believe

invest much more because we do believe
and here in the P center of this

and here in the P center of this

and here in the P center of this
continent we do believe that we need

continent we do believe that we need

continent we do believe that we need
more growth. We need more stability in

more growth. We need more stability in

more growth. We need more stability in
this world, but we do prefer respect to

this world, but we do prefer respect to

this world, but we do prefer respect to
bullies. We do prefer science to

bullies. We do prefer science to

bullies. We do prefer science to
plotism. And we do prefer rule of law to

plotism. And we do prefer rule of law to

plotism. And we do prefer rule of law to
brutality. You're welcome in Europe. You

brutality. You're welcome in Europe. You

brutality. You're welcome in Europe. You
are more than welcome to France.