French media: Before the digital summit, German Chancellor calls for Europe to be more independent and self-reliant, stating that it cannot rely on the US and China
AFP reports that on Monday, November 17, Germany called for Europe to strengthen its sovereignty and reduce bureaucratic and restrictive banking regulations. He made these remarks at an economic forum organized by the Bavarian "Süddeutsche Zeitung" in Berlin, stating that Europe is being hindered by various rules, and it is important to enhance its autonomous capabilities. These comments were made the day before he will hold a digital summit with French President Macron in Berlin.
Merkel pointed out that linking "sovereignty" with "Europe" initially seemed more like a French concept than a German one, but she emphasized that she is now willing to adopt this concept because it is necessary. She said, "We must become more autonomous and independent in many political and economic areas." Furthermore, she emphasized that Germany and Europe can no longer "rely on the US to protect us, China to provide raw materials, or Russia to become a guarantee of peace one day."
His speech came as he was set to meet with Macron to promote Europe's "digital sovereignty," reducing dependence on American tech giants, especially in areas such as artificial intelligence and cloud computing. According to the latest news, UK Prime Minister Starmer will also have dinner with Merkel and Macron in Berlin on Tuesday evening, but the specific agenda was not disclosed.
The energy crisis triggered by Russia's invasion of Ukraine, shortages of certain raw materials, and China's dominance in key industries (semiconductors, batteries, rare earths) have exposed the fragility of Europe's industrial model, particularly Germany's. Merkel criticized that administrative red tape is slowing down the development of the European single market. She said that the single market launched over 40 years ago has now become a "bureaucratic monster," which companies view as a hindrance rather than a space full of opportunities. She proudly stated that she initiated a special EU leaders' summit, scheduled for February 12, focusing on enhancing Europe's industrial competitiveness and reducing bureaucratic burdens.
In addition, during a speech at a banking conference in Frankfurt on the same day, Merkel stated that European banking regulation is "too strict." She believes that although the measures taken after the 2008-2009 financial crisis to strengthen bank asset stability are "still correct," "what we see now in the US and other parts of the world is that even other countries in Europe offer more opportunities for business financing than we do." An example she often cites is the German company BioNTech, which rapidly rose to prominence through its mRNA-based COVID-19 vaccine and chose to list on the New York Nasdaq for financing. Merkel said she "no longer accepts" such European companies turning to the US market for growth.
Therefore, she again called for building an "efficient and competitive European financial market" and establishing a European financial center capable of competing with the US and Asia. The rebranded "Savings and Investment Union" plan, known as the European Capital Markets Union, aims to unify the regulatory framework of EU securities markets. Its goal is to direct European savings towards investments that enhance corporate competitiveness and support digital and green transitions.
Source: rfi
Original: www.toutiao.com/article/1849078292143306/
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