Amid COVID-19 Lockdown Easing, French President Macron Emphasizes Europe's Economic Independence

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] French President Emmanuel Macron argued that Europe must secure economic self-reliance in the wake of the novel coronavirus disease (COVID-19) crisis. President Macron, who has long advocated for a "strong Europe," expressed the view that Europe should reduce its dependence on the United States and China economically as well. By emphasizing supply chains within the European Union (EU), the trend of retreating from free trade is expected to spread further after the COVID-19 crisis.

According to Bloomberg and other sources on the 14th (local time), President Macron announced this during a televised national address while lifting lockdown measures to curb the spread of COVID-19. He announced that from the 15th, indoor services such as restaurants and bars in the Paris area would resume, and from the 22nd, all schools except high schools across France would reopen for in-person classes. President Macron said, "The fight against the pandemic is not over yet," but also expressed happiness over "the first victory against the virus."

Having pushed for economic reforms throughout his term, President Macron emphasized economic reconstruction in this address. He stated that through a 500 billion euro (approximately 680.3 trillion KRW) stimulus package, sectors such as aviation, automobiles, restaurants, and tourism would be supported, adding, "The top priority is to rebuild a strong, environmentally friendly, autonomous, and resilient economy." The French government forecasts an 11% decline in economic growth this year. Since President Macron’s term ends in April 2022, the recovery of the French economy is expected to influence his remaining tenure.

The highlight of Macron’s speech was Europe’s economic self-reliance after COVID-19. He said, "This ordeal revealed flaws and vulnerabilities in our need to rely on other continents to secure certain goods," noting that Europe was overly dependent on global supply chains in various sectors, from automobiles to smartphones and pharmaceuticals. He added, "I hope we draw lessons from what we have learned this time," and stated, "The only answer is to create a new and strong economic model that works and produces more without relying on anyone." This is interpreted as meaning Europe should strengthen its intra-regional procurement capabilities rather than relying on offshore global supply chains.

This statement is notable for emphasizing a strong Europe not only in military but also in economic fields. Since his inauguration in May 2017, President Macron has advocated for a strong Europe. In 2018, he argued that Europe must be able to protect itself from China, Russia, and the United States, calling for the creation of an independent European army, which led to clashes with then U.S. President Donald Trump.

It remains to be seen whether President Macron’s claims will gain momentum. As European countries gradually lift lockdown measures, specific reactions to his speech are expected to emerge one after another. Given Europe’s high external dependence, there is a strong voice that border restrictions must be lifted for recovery.

Meanwhile, the Spanish government decided to open its borders from the 21st to visitors from EU member states, the United Kingdom, and other European countries. The opening date was moved up by ten days from the original plan to secure tourists. Greek Prime Minister Kyriakos Mitsotakis also visited Santorini, a representative tourist area, on the 13th and announced that international flights would be allowed from the 15th, saying, "We are ready to welcome tourists."

This content was produced with the assistance of AI translation services.