France longed for an ambitious single capital market that would channel savings and investment into the region, much like the United States, whose economy has rebounded rapidly after the pandemic.
With Europe's economic recovery somewhat lackluster and the European Union's leadership in jeopardy with the prospect of President Donald Trump returning to the White House, a well-coordinated and accessible financial sector can foster investment and provide economic firepower. It is seen as a means of strengthening.
That dream is almost in tatters.
“Political leaders at the EU and national level are paying eloquent lip service to their vision of well-developed, liquid and deep capital markets,” said Nicolas Bellon, a senior fellow at the Bruegel think tank in Brussels. He said it “could end up being comparable to Wall Street.” A look at this week's summit. “When it comes to action, all of a sudden the fear subsides.”
France could become nuclear armed
So after the leaders of the 20 eurozone countries were seen smiling for the cameras, patting themselves on the back and shaking hands, the friendship is likely to end abruptly there. Talks behind closed doors will likely not be very cordial.
The plan has not yet taken off, but in 2015 the European Commission set out a blueprint to deepen financial markets and prevent homegrown companies from abandoning the continent and listing their shares elsewhere, such as New York. dates back to It has become very small.
A decade later, Mr Macron has gone nuclear, demonstrating a desire to destroy the EU's most important unity principle and instead rally a coalition of the willing. One idea is to agree on legislative initiatives among like-minded countries in a legal structure called “enhanced cooperation” that would require at least nine countries.
