
Aix-en-Provence (France) – At the Economic Meetings in Aix-en-Provence on Friday, Bank of France Governor François Villeroy de Galhau remarked, “Trump presents significant challenges for the global, American, and European economies, but it serves as a wake-up call for us.”
The European Union faces setbacks with its fragmented industrial policy, soaring energy costs, bureaucratic obstacles, and delays in digital advancements, resulting in a competitive disadvantage compared to the United States, especially in light of tariff increases impacting economic forecasts.
“This may involve increased European debt, particularly for defense financing, and potentially mutualizing existing national debts. However, clear solutions are not readily apparent,” he added.
He also emphasized the need for greater integration of capital markets. (July 4, 2025)
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