Overview

• François Villeroy de Galhau donned a green ‘Make Europe Great Again’ cap at the Rencontres économiques d’Aix-en-Provence to signal a call for European assertiveness.
• He argued that the euro’s 25-year success in monetary union should be extended into full economic and financial sovereignty.
• He proposed progressive joint debt issuance to fund defense spending and mutualize existing national debts for stronger collective credit.
• He advocated deeper capital market integration by creating a union of savings and investment aimed at attracting external capital.
• He characterized President Trump’s trade protectionism as a threat to global economies that nonetheless offers a catalyst for Europe to strengthen its strategic autonomy.