Bloomberg ¨C President Emmanuel Macron said he would be open to seeing a major French bank being taken over by a European Union rival in order to spur the deeper financial integration he sees as critical for the bloc¡¯s future prosperity.
¡°Dealing as Europeans means you need consolidation as Europeans,¡± Macron said in an interview with Bloomberg Editor-in-Chief John Micklethwait on the sidelines of the Choose France investment summit in Versailles near Paris. ¡°We have now to open this box and to deliver a single-market approach which is much more efficient.¡±
As Europe comes to terms with Russia¡¯s war in Ukraine and the steady deterioration of the global trading system, Macron has been trying to persuade his EU partners to embrace what he sees as a transformative program of reforms to turn the EU into a more united and powerful economic force. Only by getting smarter about protecting its interests, cutting back on regulation inside the single market and unlocking the bloc¡¯s financial firepower, Macron argues, does the EU have a chance of going toe-to-toe with China and the U.S..
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