Live: French President Emmanuel Macron speaks at World Economic Forum 2026 | DW News

Key Concepts

• Economic Sovereignty: The idea of nations strengthening their economic independence and resilience, particularly in Europe, to counter global pressures.
• De-risking: Reducing reliance on potentially unstable or adversarial nations for critical supplies and supply chains.
• European Preference: Prioritizing European companies and products within the European market.
• Strategic Autonomy: Europe’s ability to act independently and pursue its own interests on the global stage.
• Multilateralism: Cooperation between nations to address shared challenges, but with a focus on effectiveness and results.
• Global Imbalances: Disparities in economic growth, consumption, and investment between major economies (US, China, Europe).
• Industrial Policy: Government actions to support and promote specific industries deemed strategically important.
• AI & Innovation: Recognizing Artificial Intelligence and broader innovation as key drivers of future economic growth.

Macron & Basson Discussions: A Summary of Economic & Geopolitical Concerns

This transcript details a discussion featuring French President Emmanuel Macron and US Treasury Secretary Steven Mnuchin (and a musical interlude), focusing on the current state of the global economy, geopolitical challenges, and strategies for strengthening both France and Europe. The conversation centers on a perceived shift towards instability, competition, and a weakening of international cooperation.

I. Geopolitical Landscape & Emerging Threats

Macron frames the current world order as increasingly unstable, characterized by a “shift towards autocracy against democracy,” a record number of conflicts (over 60 in 2024), and a normalization of conflict extending into new domains like space, cyber warfare, and trade. He highlights the erosion of international law and the resurgence of “imperial ambitions.” The Russian war in Ukraine and ongoing conflicts in the Middle East and Africa are cited as prime examples. He emphasizes a weakening of multilateralism, with key economies withdrawing from international bodies.

II. Economic Challenges & Global Imbalances

Both Macron and Mnuchin identify significant economic imbalances as a core concern. Macron points to:

• US Overconsumption: Excessive consumer spending in the United States.
• Chinese Underconsumption & Overinvestment: Low domestic consumption in China coupled with massive investment, leading to overcapacity.
• European Underinvestment & Lack of Competitiveness: Insufficient investment and declining competitiveness within Europe.

Mnuchin adds that these imbalances are reflected in development gaps globally. He stresses the need for a shared diagnosis and concrete actions to address these issues through the G7. He notes a record $1 trillion trade surplus for China, particularly impacting Germany.

III. Macron’s Vision for European Economic Sovereignty

Macron advocates for a two-pronged approach: increased European economic sovereignty and effective multilateralism. He rejects two extremes: passively accepting a world dominated by stronger powers (“vasalization”) and adopting a purely moral stance that leads to marginalization. His strategy for European sovereignty rests on three pillars:

• Protection: A more assertive approach to protecting European industries from unfair competition, including utilizing anti-dumping mechanisms and establishing a “European preference” for domestic companies. He notes that unlike the US and China, Europe currently lacks sufficient protectionist measures. He specifically mentions the need to protect the chemical, automotive, and other sectors.
• Simplification: Reducing bureaucratic burdens and streamlining regulations to enhance competitiveness. He emphasizes the need to deepen the single market and accelerate the Capital Markets Union. He cites the need to remove recent regulations that hinder European competitiveness.
• Investment: Increasing investment in critical sectors, particularly AI, quantum computing, defense, and security. He argues that the current EU budget is insufficient and that private investment needs to be stimulated through securitization programs and a more integrated capital market.

IV. US Economic Policy & Concerns (Mnuchin’s Remarks)

Mnuchin highlights several key initiatives of the current US administration:

• Reshoring Critical Industries: Bringing manufacturing of essential goods (rare earth magnets, semiconductors) back to the US to reduce reliance on China. He emphasizes the vulnerability of the global economy to disruptions in Taiwan’s semiconductor production.
• Deregulation: Reducing regulatory burdens to stimulate economic growth and investment.
• Support for Small & Community Banks: Addressing the decline of small banks and promoting lending to small businesses.
• Tax Cuts & Real Income Growth: Highlighting the positive impact of tax cuts on real incomes.
• Addressing Trade Imbalances: Considering tariffs and other measures to address trade imbalances with China and other countries.
• Ban on Institutional Investors in Single-Family Homes: Aimed at making homeownership more accessible to average Americans.
• Proposed Cap on Credit Card Interest Rates: To alleviate financial burdens on consumers.
• Potential Access to 401(k) Funds for Home Purchases: To further assist with homeownership.

Mnuchin also notes the importance of addressing the US government debt through economic growth rather than austerity.

V. AI & Technological Leadership

Both leaders recognize the transformative potential of Artificial Intelligence (AI). Macron emphasizes France’s strong AI ecosystem, including its low-carbon energy supply (nuclear power) and vibrant startup scene. He stresses the need for investment in AI and the importance of ensuring the EU market serves as the domestic market for European AI companies. Mnuchin acknowledges the potential for AI to disrupt the job market but expresses optimism that historical trends suggest productivity gains will ultimately lead to job growth.

VI. Multilateralism & International Cooperation

Macron reiterates France’s commitment to effective multilateralism and the United Nations Charter. He highlights France’s participation in the mutual exercise in Greenland as a demonstration of support for allies. He emphasizes the need for cooperation with emerging economies (BRICS, G20) to avoid fragmentation of the global order. He criticizes the use of tariffs and protectionism, advocating for a rules-based trading system. Mnuchin echoes the need for cooperation but also emphasizes the importance of addressing unfair trade practices and protecting national interests.

VII. Concluding Remarks & Priorities

Macron concludes by urging a focus on peace, prosperity, and climate change, emphasizing the need for cooperation, investment, and a rejection of “new imperialism or new colonialism.” Mnuchin reiterates the US commitment to growth, deregulation, and energy independence. He stresses the importance of a “growth mentality” and invites other nations to join the US in pursuing economic prosperity.

Notable Quotes:

• Macron: “We are killing the structure where we can fix the situation and the common challenges we have.” (Referring to the weakening of multilateralism)
• Macron: “Accepting a sort of new colonial approach doesn't make sense.” (Rejecting passive acceptance of global power dynamics)
• Mnuchin: “The single biggest threat to the world economy… is that 97% of the high-end chips are made in Taiwan.” (Highlighting the vulnerability of the semiconductor supply chain)
• Mnuchin: “We are inviting the world come grow with us prosper with us and we can all do it together.” (US invitation to global economic cooperation)

This discussion paints a picture of a world facing significant challenges, requiring a proactive and coordinated response from major economies. The emphasis on economic sovereignty, strategic autonomy, and a renewed commitment to multilateralism underscores the urgency of addressing global imbalances and ensuring a more stable and prosperous future.