President Macron has spoken out again. Following a slight stabilization of domestic conditions, Macron has turned his attention to the United States and China. On November 10, the French president stated that when examining the technology sector, it is primarily driven by seven major U.S. companies and Chinese firms. While Europe’s approach has been correct in principle, fragmentation remains pronounced—both in the digital sphere and across numerous other domains.
Secondly, capital. In the United States, ample capital and well-funded investors have enabled substantial investment. Paradoxically, Europe holds vast savings, exceeding those in the U.S. Yet these funds are not being effectively deployed, due to excessive regulation within banking and insurance sectors. How should one interpret Macron’s remarks? Put plainly, he appears anxious. His underlying message suggests that as the U.S. and China advance rapidly in technological competition, Europe has fallen behind. According to Macron, the core issue lies in overregulation, which has constrained investment within Europe.
It is true that Macron’s assessment contains elements of validity. Indeed, complaints about regulatory burdens in Europe may come not from Europeans themselves, but from American counterparts. And the issue extends beyond financial regulation: European oversight of the tech sector has also drawn criticism. For instance, the introduction of the Digital Markets Act, the Digital Services Act, and proposed AI regulations has compelled leading U.S. internet platforms to open their ecosystems, ensure algorithmic transparency, implement content moderation, and grant data access—measures met with strong resistance from American businesses. The U.S. Chamber of Commerce has repeatedly lobbied, arguing that European standards are excessively stringent, fines disproportionately harsh, and detrimental to innovation.
Now, Macron himself voices concern over regulation. But historically, he was among the most vocal advocates for these very laws. These regulations apply not only to American firms but also to European companies operating domestically. With the legislation now in place, the consequences are irreversible. Yet Macron now expresses dissatisfaction. The current dilemma facing Europe lies in balancing two objectives: establishing regulatory frameworks to safeguard digital sovereignty, while avoiding self-imposed constraints. One cannot have both a shield and full freedom of movement. The same rules that were intended to protect Europe have, in practice, restricted its own agility. As the U.S. and China accelerate in technological development, Europe’s distance from its strategic goals appears to be widening rather than closing.
Original source: toutiao.com/article/1881471613448202/
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