Finance ministers from the Group of Seven rich democracies are sounding the alarm on the dangers of cryptocurrencies and pouring cold water on Facebook's Libra as they wrap up a meeting in Chantilly, France.
Officials from the U.S., France and others have sounded skeptical so far about Libra and cryptocurrencies, which are high on the two-day gathering's agenda.
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US Treasury Secretary Steve Mnuchin, front center, stands next to Chief Executive of the World Bank Kristalina Georgieva, front left, and Bank of France Deputy Governor Sylvie Goulard, front right, prior a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. The Group of Seven rich democracies' top finance officials gathered Wednesday at a chateau near Paris in search of common ground on the threats posed by digital currencies. (AP PhotoMichel Euler)
From left, Bank of Japan governor Haruhiko Kuroda, World Bank President David Malpass, Eurogroup President Mario Centeno, British Chancellor of the Exchequer Philip Hammond, Bank of Canada Governor Stephen Poloz, German Finance Minister Olaf Scholz, Federal Reserve Chair Jerome Powell, US Treasury Secretary Steve Mnuchin, Bank of England Governor Mark Carney, Bank of France Governor Francois Villeroy de Galhau, European Commissioner for Economic and Financial Affairs Pierre Moscovici, French Finance Minister Bruno Le Maire, Italian Economy and Finance Minister Giovanni Tria, Japan's Finance Minister Taro Aso, Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurria, Canada's Finance Minister Bill Morneau, European Central Bank President Mario Draghi, German Bundesbank President Jens Weidmann, Bank of Italy Governor Ignazio Visco and International Monetary Fund (IMF) Deputy Managing Director David Lipton pose for a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. (AP PhotoMichel Euler)
Finance ministers from the Group of Seven rich democracies are sounding the alarm on the dangers of cryptocurrencies and pouring cold water on Facebook's Libra as they wrap up a meeting in Chantilly, France.
U.S. Treasury Secretary Steven Mnuchin has told his French counterpart, Bruno Le Maire, that the U.S. government objects to Paris' plans to tax tech giants like Facebook and Google.
US Treasury Secretary Steve Mnuchin, front center, stands next to Chief Executive of the World Bank Kristalina Georgieva, front left, and Bank of France Deputy Governor Sylvie Goulard, front right, prior a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. The Group of Seven rich democracies' top finance officials gathered Wednesday at a chateau near Paris in search of common ground on the threats posed by digital currencies. (AP PhotoMichel Euler)
From left, Bank of Japan governor Haruhiko Kuroda, World Bank President David Malpass, Eurogroup President Mario Centeno, British Chancellor of the Exchequer Philip Hammond, Bank of Canada Governor Stephen Poloz, German Finance Minister Olaf Scholz, Federal Reserve Chair Jerome Powell, US Treasury Secretary Steve Mnuchin, Bank of England Governor Mark Carney, Bank of France Governor Francois Villeroy de Galhau, European Commissioner for Economic and Financial Affairs Pierre Moscovici, French Finance Minister Bruno Le Maire, Italian Economy and Finance Minister Giovanni Tria, Japan's Finance Minister Taro Aso, Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurria, Canada's Finance Minister Bill Morneau, European Central Bank President Mario Draghi, German Bundesbank President Jens Weidmann, Bank of Italy Governor Ignazio Visco and International Monetary Fund (IMF) Deputy Managing Director David Lipton pose for a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. (AP PhotoMichel Euler)
Melinda Gates, right, and US Treasury Secretary Steve Mnuchin attend a meeting at the G-7 Finance in Chantilly, north of Paris, on Thursday, July 18, 2019. (AP PhotoMichel Euler)
Yet the meeting, which will set the stage for a summit of the G-7 heads of state and government in August, is also exposing differences on views on how to tax digital businesses. The U.S. and France in particular are at odds.
US Treasury Secretary Steve Mnuchin, German Finance Minister Olaf Scholz and Canada's Finance Minister Bill Morneau, from left, walk at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. The Group of Seven rich democracies' top finance officials gathered Wednesday at a chateau near Paris in search of common ground on the threats posed by digital currencies. (AP PhotoMichel Euler)
U.S. Treasury Secretary Steven Mnuchin has told his French counterpart, Bruno Le Maire, that the U.S. government objects to Paris' plans to tax tech giants like Facebook and Google.
US Treasury Secretary Steve Mnuchin, second left, talks to Chief Executive of the World Bank Kristalina Georgieva, left, next to Japan's Finance Minister Taro Aso, second right, and Bank of France Governor Francois Villeroy de Galhau, right, prior a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. The Group of Seven rich democracies' top finance officials gathered Wednesday at a chateau near Paris in search of common ground on the threats posed by digital currencies. (AP PhotoMichel Euler)
US Treasury Secretary Steve Mnuchin, front center, stands next to Chief Executive of the World Bank Kristalina Georgieva, front left, and Bank of France Deputy Governor Sylvie Goulard, front right, prior a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. The Group of Seven rich democracies' top finance officials gathered Wednesday at a chateau near Paris in search of common ground on the threats posed by digital currencies. (AP PhotoMichel Euler)
From left, Bank of Japan governor Haruhiko Kuroda, World Bank President David Malpass, Eurogroup President Mario Centeno, British Chancellor of the Exchequer Philip Hammond, Bank of Canada Governor Stephen Poloz, German Finance Minister Olaf Scholz, Federal Reserve Chair Jerome Powell, US Treasury Secretary Steve Mnuchin, Bank of England Governor Mark Carney, Bank of France Governor Francois Villeroy de Galhau, European Commissioner for Economic and Financial Affairs Pierre Moscovici, French Finance Minister Bruno Le Maire, Italian Economy and Finance Minister Giovanni Tria, Japan's Finance Minister Taro Aso, Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurria, Canada's Finance Minister Bill Morneau, European Central Bank President Mario Draghi, German Bundesbank President Jens Weidmann, Bank of Italy Governor Ignazio Visco and International Monetary Fund (IMF) Deputy Managing Director David Lipton pose for a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. (AP PhotoMichel Euler)
Melinda Gates, right, and US Treasury Secretary Steve Mnuchin attend a meeting at the G-7 Finance in Chantilly, north of Paris, on Thursday, July 18, 2019. (AP PhotoMichel Euler)
PARIS (AP) — French President Emmanuel Macron warned Thursday that Europe could “die” if it fails to build its own robust defense as Russia’s war in Ukraine rages on, or if it fails to undertake major trade and economic reforms to compete with China and the U.S.
Macron urged Europeans to become more ambitious in a fast-changing world to face the challenges of war, fierce trade competition, energy scarcity, climate change and increasing authoritarianism.
In a nearly two-hour speech at Sorbonne University in Paris, Macron said that the continent is divided and “too slow and lacks ambition” at a time when the 27-member European Union needs to become a superpower, defend its own borders and speak with one voice if it wants to survive and thrive.
“Our Europe today is mortal,” Macron said. “It can die and that depends solely on our choices,” he added. He called on people to make those choices now because, “it’s today that Europe is between war and peace.”
Russia's full-scale invasion of Ukraine, now in its third year, is an existential threat and Europe isn't armed enough to defend itself when “confronted by a power like Russia that has no inhibitions, no limits,” Macron said.
‘Our ability to ensure our security is at stake," Macron said. “Russia mustn’t be allowed to win.”
Europe now has the “good fortune” of having the Biden administration’s commitment to supporting Ukraine, Macron said. But, in a year of key elections around Europe, in the U.S. and elsewhere, support may fragment or disappear entirely, he added.
“Europe must become capable of defending its interests, with its allies by our side whenever they are willing, and alone if necessary,” Macron said.
Strong armies, a European rapid intervention program and force, tanks, a missile shield and other weapons, produced in Europe, will need the support of “a joint diplomatic force that will speak with one voice and build bridges with Africa and Latin America,” the French leader said.
“Only then will Europe show that it's not a United States’ lap dog, and that it also knows how to talk to other regions of the world,” he said.
France has been a firm supporter of Ukraine in its fight against Russian aggression, and Macron has often clashed with other Western leaders as he has insisted that Europe must stand by the country at any cost. The French president alarmed European leaders by saying recently that sending Western troops into Ukraine to shore up its defenses shouldn’t be ruled out.
Referring to trade practices of China and the U.S., Macron said “the two world powers have decided not to respect the rules of global trade” by shoring up protections and subsides while Europe’s industry remains open and is stuck in overregulation.
“Let’s do the same, we are in competition,” Macron said.
“We must buy faster, we must produce more and we must buy more that is made in Europe. That is key,” Macron said.
Thursday's speech came less than two months before a pivotal European Parliament election.
Macron, an avid advocate of a united and assertive Europe, also rallied support for his centrist Renaissance party before the June 6-9 vote as far-right parties lead the moderate coalitions in the polls. He called for safeguarding democratic values as the “authoritarian model” was becoming “more popular” across the continent.
The war in Ukraine and immigration are top priorities for European Union voters, according to polls. Far-right parties have gained support by criticizing Macron’s government policies on both issues. Macron acknowledged divisions on immigration policies, including on asylum and deportation rules for those who have arrived to Europe illegally.
He emphasized the need for an effective response and Europe-wide coordination for curbing illegal immigration, closer cooperation with immigrants' countries of origin and a unified, relentless fight against human traffickers.
Macron criticized the idea of striking an agreement, as Britain as done, with countries in Africa and elsewhere to transfer immigrants there.
“This is a betrayal of our values that ultimately leads us to dependency on other counties,” Macron said.
The British government earlier this week approved a law allowing the deportation of some migrants who enter the country illegally to Rwanda.
Macron lost his majority in France’s most influential house of parliament, the National Assembly, after the 2022 election to the far-left coalition and the far-right National Rally party.
The social situation in France remains tense as Paris prepares to host the Olympic Games this summer, amid protests from teachers and police officers, and farmer demonstrations in recent weeks. The protests follow huge rallies last year against Macron’s ultimately successful proposal to increase the retirement age from 62 to 64.
Barbara Surk reported from Nice, France. Lorne Cook contributed to this report from Brussels.
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron arrives to deliver a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron speaks during a media conference at an EU summit in Brussels, Thursday, April 18, 2024. European Union leaders on Wednesday debated a new "European Competitiveness Deal" aimed at helping the 27-nation bloc close the gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good. (AP Photo/Omar Havana)
