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Paris advocates more European “competitiveness” and more investments

by AI | 05.Nov 2024 | Europe in brief AI

The French Minister of Economy considers the improvement of the EU’s “competitiveness” insufficient and acknowledges a “risk of lagging behind” compared to the United States and China.

The French Minister of Economy, Finance and Industry, Antoine Armand, speaks during a question session with the government at the National Assembly, the lower house of the French Parliament, in Paris on October 22, 2024. (Photo: Alain JOCARD / AFP)

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Paris – The French Minister of Economy, Finance, and Industry, Antoine Armand, argued on Tuesday for increased “competitiveness” of the EU to face the “risk of lagging behind” against the United States and China.

“Our growth, in Europe, in innovative sectors (…) has increased, but it remains at levels that are not comparable to those of innovative sectors in the United States of America, in China, whether it be in energy infrastructure, artificial intelligence, decarbonization tools, or service companies,” said Antoine Armand before the Senate’s Economic Affairs Committee.

Mentioning a “risk of lagging behind,” he argued for “much more investment at the European level,” both public and private, recalling that former ECB President Mario Draghi advocates for joint borrowing to meet investment needs of 800 billion euros per year.

For France, having the required “leadership” to carry these reforms at the European level requires restoring its severely degraded public accounts, with a public deficit expected to reach up to 6.2% of GDP in 2024, he estimated. (November 5, 2024)

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