|
Paroles
|
|
Thank
|
|
you
|
|
very
|
|
much,
|
|
Larry,
|
|
for
|
|
your
|
|
words.
|
|
Your
|
|
Majesties,
|
|
Distinguished
|
|
Heads
|
|
of
|
|
State
|
|
and
|
|
Government,
|
|
President
|
|
Lagarde,
|
|
Ministers,
|
|
Ambassadors,
|
|
Business
|
|
Leaders,
|
|
Ladies
|
|
and
|
|
gentlemen,
|
|
I
|
|
'm
|
|
extremely
|
|
happy
|
|
to
|
|
be
|
|
here,
|
|
and
|
|
it
|
|
's
|
|
great
|
|
to
|
|
be
|
|
here,
|
|
as
|
|
the
|
|
Financial
|
|
Times
|
|
would
|
|
say.
|
|
And
|
|
it
|
|
's
|
|
a
|
|
time
|
|
of
|
|
peace,
|
|
stability,
|
|
and
|
|
predictability.
|
|
So
|
|
let
|
|
's
|
|
try
|
|
to
|
|
address
|
|
a
|
|
key
|
|
challenge
|
|
of
|
|
this
|
|
world
|
|
in
|
|
a
|
|
few
|
|
minutes'
|
|
time,
|
|
but
|
|
it
|
|
's
|
|
clear
|
|
that
|
|
we
|
|
are
|
|
reaching
|
|
a
|
|
time
|
|
of
|
|
instability,
|
|
of
|
|
imbalances,
|
|
both
|
|
from
|
|
the
|
|
security
|
|
and
|
|
defense
|
|
point
|
|
of
|
|
view
|
|
and
|
|
the
|
|
economic
|
|
point
|
|
of
|
|
view.
|
|
Look
|
|
at
|
|
the
|
|
situation
|
|
where
|
|
we
|
|
are.
|
|
I
|
|
mean,
|
|
a
|
|
shift
|
|
towards
|
|
autocracy
|
|
against
|
|
democracy,
|
|
more
|
|
violence,
|
|
more
|
|
than
|
|
60
|
|
wars
|
|
in
|
|
2024,
|
|
an
|
|
absolute
|
|
record,
|
|
even
|
|
if
|
|
I
|
|
understood
|
|
a
|
|
few
|
|
of
|
|
them
|
|
were
|
|
fixed,
|
|
and
|
|
conflict
|
|
has
|
|
become
|
|
normalized,
|
|
hybrid,
|
|
expanding
|
|
into
|
|
new
|
|
demands,
|
|
space,
|
|
digital
|
|
information,
|
|
cyber,
|
|
trade,
|
|
and
|
|
so
|
|
on.
|
|
It
|
|
's
|
|
as
|
|
well
|
|
a
|
|
shift
|
|
towards
|
|
a
|
|
world
|
|
without
|
|
rules,
|
|
where
|
|
international
|
|
law
|
|
is
|
|
trampled
|
|
underfoot,
|
|
and
|
|
where
|
|
the
|
|
only
|
|
law
|
|
that
|
|
seems
|
|
to
|
|
matter
|
|
is
|
|
that
|
|
of
|
|
the
|
|
strongest,
|
|
and
|
|
imperial
|
|
ambitions
|
|
are
|
|
resurfacing.
|
|
Obviously,
|
|
the
|
|
Russian
|
|
war
|
|
of
|
|
aggression
|
|
against
|
|
Ukraine,
|
|
which
|
|
will
|
|
enter
|
|
into
|
|
its
|
|
fourth-year
|
|
next
|
|
month,
|
|
and
|
|
conflicts
|
|
continue
|
|
in
|
|
the
|
|
Middle
|
|
East
|
|
and
|
|
across
|
|
Africa.
|
|
This
|
|
is
|
|
as
|
|
well
|
|
a
|
|
shift
|
|
towards
|
|
a
|
|
world
|
|
without
|
|
effective
|
|
collective
|
|
governance,
|
|
and
|
|
where
|
|
multilateralism
|
|
is
|
|
weakened
|
|
by
|
|
powers
|
|
that
|
|
obstruct
|
|
it
|
|
or
|
|
turn
|
|
away
|
|
from
|
|
it,
|
|
and
|
|
rules
|
|
are
|
|
undermined.
|
|
And
|
|
I
|
|
can
|
|
multiply
|
|
the
|
|
examples
|
|
of
|
|
international
|
|
bodies
|
|
weakened
|
|
or
|
|
left
|
|
by
|
|
the
|
|
key
|
|
economies.
|
|
And
|
|
when
|
|
we
|
|
look
|
|
at
|
|
the
|
|
situation,
|
|
it
|
|
's
|
|
clearly
|
|
a
|
|
very
|
|
concerning
|
|
time,
|
|
because
|
|
we
|
|
are
|
|
killing
|
|
the
|
|
structure
|
|
where
|
|
we
|
|
can
|
|
fix
|
|
the
|
|
situation
|
|
and
|
|
the
|
|
common
|
|
challenges
|
|
we
|
|
have.
|
|
Without
|
|
collective
|
|
governance,
|
|
cooperation
|
|
gives
|
|
way
|
|
to
|
|
relentless
|
|
competition,
|
|
competition
|
|
from
|
|
the
|
|
United
|
|
States
|
|
of
|
|
America,
|
|
through
|
|
trade
|
|
agreements
|
|
that
|
|
undermine
|
|
our
|
|
export
|
|
interests,
|
|
demand
|
|
maximum
|
|
concessions,
|
|
and
|
|
openly
|
|
aim
|
|
to
|
|
weaken
|
|
and
|
|
subordinate
|
|
Europe,
|
|
combined
|
|
with
|
|
an
|
|
endless
|
|
accumulation
|
|
of
|
|
new
|
|
tariffs
|
|
that
|
|
are
|
|
fundamentally
|
|
unacceptable,
|
|
even
|
|
more
|
|
so
|
|
when
|
|
they
|
|
are
|
|
used
|
|
as
|
|
leverage
|
|
against
|
|
territorial
|
|
sovereignty.
|
|
And
|
|
competition
|
|
from
|
|
China,
|
|
where
|
|
massive
|
|
excess
|
|
capacities
|
|
are
|
|
distortive
|
|
practices
|
|
threatened
|
|
to
|
|
overwhelm
|
|
anti-industrial
|
|
and
|
|
commercial
|
|
sectors.
|
|
Export
|
|
control
|
|
has
|
|
become
|
|
more
|
|
dangerous,
|
|
new
|
|
tools
|
|
destabilizing
|
|
global
|
|
trade
|
|
and
|
|
the
|
|
international
|
|
system.
|
|
And
|
|
the
|
|
answer
|
|
in
|
|
order
|
|
to
|
|
fix
|
|
this
|
|
issue
|
|
is
|
|
more
|
|
cooperation
|
|
and
|
|
building
|
|
new
|
|
approaches,
|
|
and
|
|
it
|
|
's
|
|
clearly
|
|
building
|
|
more
|
|
economic
|
|
sovereignty
|
|
and
|
|
strategic
|
|
economy,
|
|
especially
|
|
for
|
|
the
|
|
Europeans,
|
|
which
|
|
is
|
|
for
|
|
me
|
|
the
|
|
core
|
|
answer.
|
|
In
|
|
this
|
|
context,
|
|
I
|
|
want
|
|
to
|
|
exclude
|
|
two
|
|
approaches.
|
|
The
|
|
first
|
|
approach
|
|
would
|
|
be
|
|
to
|
|
passively
|
|
accept
|
|
the
|
|
law
|
|
of
|
|
the
|
|
strongest,
|
|
leading
|
|
to
|
|
vassalization
|
|
and
|
|
bloc
|
|
politics.
|
|
I
|
|
think
|
|
accepting
|
|
a
|
|
sort
|
|
of
|
|
new
|
|
colonial
|
|
approach
|
|
does
|
|
n't
|
|
make
|
|
sense.
|
|
All
|
|
the
|
|
heads
|
|
of
|
|
state
|
|
and
|
|
government
|
|
and
|
|
business
|
|
leaders
|
|
which
|
|
would
|
|
be
|
|
too
|
|
complacent
|
|
with
|
|
such
|
|
an
|
|
approach
|
|
will
|
|
take
|
|
huge
|
|
responsibility.
|
|
The
|
|
second
|
|
would
|
|
be
|
|
to
|
|
adopt
|
|
a
|
|
purely
|
|
moral
|
|
posture,
|
|
limiting
|
|
ourselves
|
|
to
|
|
commentary.
|
|
That
|
|
path
|
|
would
|
|
condemn
|
|
us
|
|
to
|
|
marginalization
|
|
and
|
|
powerlessness.
|
|
Faced
|
|
with
|
|
the
|
|
brutalization
|
|
of
|
|
the
|
|
world,
|
|
France
|
|
and
|
|
Europe
|
|
must
|
|
defend
|
|
an
|
|
effective
|
|
multilateralism
|
|
because
|
|
it
|
|
serves
|
|
our
|
|
interests
|
|
and
|
|
those
|
|
of
|
|
all
|
|
who
|
|
refuse
|
|
to
|
|
submit
|
|
to
|
|
the
|
|
rule
|
|
of
|
|
force.
|
|
And
|
|
for
|
|
me,
|
|
the
|
|
two
|
|
answers
|
|
are,
|
|
on
|
|
one
|
|
side,
|
|
more
|
|
sovereignty
|
|
and
|
|
more
|
|
autonomy
|
|
for
|
|
the
|
|
Europeans.
|
|
On
|
|
the
|
|
other
|
|
side,
|
|
an
|
|
efficient
|
|
multilateralism
|
|
to
|
|
deliver
|
|
results
|
|
through
|
|
cooperation.
|
|
Obviously,
|
|
France
|
|
and
|
|
Europe
|
|
are
|
|
attached
|
|
to
|
|
national
|
|
sovereignty
|
|
and
|
|
independence,
|
|
to
|
|
the
|
|
United
|
|
Nations
|
|
and
|
|
to
|
|
its
|
|
charter.
|
|
And
|
|
it
|
|
's
|
|
not
|
|
an
|
|
old-fashioned
|
|
way
|
|
to
|
|
live
|
|
multilateralism.
|
|
It
|
|
's
|
|
just
|
|
not
|
|
to
|
|
totally
|
|
forget
|
|
what
|
|
we
|
|
learned
|
|
from
|
|
the
|
|
Second
|
|
World
|
|
War
|
|
and
|
|
remain
|
|
committed
|
|
to
|
|
cooperation.
|
|
And
|
|
this
|
|
is
|
|
also
|
|
because
|
|
of
|
|
those
|
|
principles
|
|
that
|
|
we
|
|
have
|
|
decided
|
|
to
|
|
join
|
|
the
|
|
mutual
|
|
exercise
|
|
in
|
|
Greenland
|
|
without
|
|
threatening
|
|
anyone,
|
|
but
|
|
just
|
|
supporting
|
|
an
|
|
ally
|
|
in
|
|
another
|
|
European
|
|
country,
|
|
Denmark.
|
|
Facing
|
|
this
|
|
order
|
|
and
|
|
this
|
|
new
|
|
situation,
|
|
this
|
|
year
|
|
France
|
|
holds
|
|
the
|
|
G7
|
|
Presidency
|
|
with
|
|
a
|
|
clear
|
|
ambition
|
|
to
|
|
restore
|
|
the
|
|
G7
|
|
as
|
|
a
|
|
forum
|
|
for
|
|
frank
|
|
dialogue
|
|
among
|
|
major
|
|
economies
|
|
and
|
|
for
|
|
collective
|
|
and
|
|
cooperative
|
|
solutions.
|
|
Trade
|
|
wars,
|
|
protectionist
|
|
escalation,
|
|
races
|
|
towards
|
|
overproduction
|
|
will
|
|
only
|
|
produce
|
|
losers.
|
|
This
|
|
is
|
|
why
|
|
addressing
|
|
global
|
|
economic
|
|
imbalances
|
|
is
|
|
our
|
|
key
|
|
priority.
|
|
And
|
|
if
|
|
we
|
|
look
|
|
at
|
|
the
|
|
situation,
|
|
the
|
|
current
|
|
imbalances
|
|
are
|
|
due
|
|
to
|
|
some
|
|
key
|
|
phenomena
|
|
and
|
|
we
|
|
all
|
|
have
|
|
to
|
|
deliver
|
|
our
|
|
own
|
|
agenda.
|
|
This
|
|
includes
|
|
American
|
|
overconsumption,
|
|
Chinese
|
|
underconsumption
|
|
and
|
|
overinvestment,
|
|
and
|
|
European
|
|
underinvestment
|
|
and
|
|
lack
|
|
of
|
|
competitiveness.
|
|
These
|
|
imbalances
|
|
are
|
|
also
|
|
reflected
|
|
in
|
|
development
|
|
gaps,
|
|
by
|
|
the
|
|
way,
|
|
and
|
|
we
|
|
can
|
|
no
|
|
longer
|
|
settle
|
|
for
|
|
aid
|
|
that
|
|
neither
|
|
delivers
|
|
sufficient
|
|
results
|
|
nor
|
|
enables
|
|
countries
|
|
to
|
|
escape
|
|
poverty.
|
|
So
|
|
our
|
|
objective
|
|
through
|
|
the
|
|
G7
|
|
is
|
|
to
|
|
demonstrate
|
|
that
|
|
the
|
|
world
|
|
's
|
|
major
|
|
powers
|
|
are
|
|
still
|
|
capable
|
|
of
|
|
reaching
|
|
a
|
|
shared
|
|
diagnosis
|
|
of
|
|
the
|
|
global
|
|
economy
|
|
and
|
|
committing
|
|
to
|
|
concrete
|
|
actions.
|
|
Cooperating
|
|
is
|
|
not
|
|
about
|
|
blaming
|
|
others,
|
|
it
|
|
is
|
|
about
|
|
assuming
|
|
one
|
|
's
|
|
share
|
|
of
|
|
responsibility
|
|
and
|
|
contributing
|
|
to
|
|
solutions.
|
|
So
|
|
the
|
|
objective
|
|
of
|
|
this
|
|
G7
|
|
will
|
|
be
|
|
to
|
|
build
|
|
this
|
|
framework
|
|
of
|
|
cooperation
|
|
in
|
|
order
|
|
to
|
|
fix
|
|
the
|
|
roots
|
|
of
|
|
these
|
|
imbalances
|
|
and
|
|
restore
|
|
efficient
|
|
convergence
|
|
and
|
|
cooperation
|
|
through
|
|
multilateral
|
|
frameworks.
|
|
The
|
|
other
|
|
objective
|
|
is
|
|
as
|
|
well
|
|
to
|
|
build
|
|
bridges
|
|
and
|
|
more
|
|
cooperation
|
|
with
|
|
the
|
|
emerging
|
|
countries,
|
|
the
|
|
BRICS
|
|
and
|
|
the
|
|
G20,
|
|
because
|
|
the
|
|
fragmentation
|
|
of
|
|
this
|
|
world
|
|
would
|
|
not
|
|
make
|
|
sense.
|
|
Here,
|
|
this
|
|
point
|
|
is
|
|
for,
|
|
I
|
|
would
|
|
say,
|
|
the
|
|
global
|
|
agenda
|
|
and
|
|
how
|
|
we
|
|
see
|
|
our
|
|
G7
|
|
agenda.
|
|
On
|
|
the
|
|
other
|
|
side,
|
|
we
|
|
have
|
|
the
|
|
European
|
|
answer.
|
|
And
|
|
for
|
|
me,
|
|
Europe
|
|
clearly
|
|
has
|
|
to
|
|
fix
|
|
its
|
|
key
|
|
issues.
|
|
The
|
|
lack
|
|
of
|
|
growth,
|
|
the
|
|
lack
|
|
of
|
|
GDP
|
|
per
|
|
capita
|
|
growth,
|
|
and
|
|
the
|
|
three
|
|
pillars
|
|
of
|
|
our
|
|
strategy
|
|
in
|
|
order
|
|
to
|
|
deliver
|
|
more
|
|
sovereignty,
|
|
more
|
|
efficiency
|
|
and
|
|
more
|
|
growth
|
|
would
|
|
be
|
|
based
|
|
on
|
|
protection,
|
|
simplification
|
|
and
|
|
investment.
|
|
Because
|
|
the
|
|
diagnosis
|
|
is
|
|
well
|
|
known,
|
|
European
|
|
competitiveness
|
|
still
|
|
lags
|
|
behind
|
|
that
|
|
of
|
|
the
|
|
US
|
|
and
|
|
in
|
|
the
|
|
current
|
|
global
|
|
order,
|
|
facing
|
|
precisely
|
|
the
|
|
Chinese
|
|
approach,
|
|
we
|
|
have
|
|
to
|
|
react.
|
|
So
|
|
first,
|
|
protection.
|
|
Protection
|
|
does
|
|
n't
|
|
mean
|
|
protectionism.
|
|
But
|
|
today
|
|
's
|
|
Europeans
|
|
are
|
|
too
|
|
naive.
|
|
This
|
|
is
|
|
a
|
|
unique
|
|
market
|
|
open
|
|
to
|
|
everybody
|
|
without
|
|
checking
|
|
global
|
|
playing
|
|
fields.
|
|
Nobody
|
|
can
|
|
access
|
|
the
|
|
Chinese
|
|
market
|
|
as
|
|
people
|
|
are
|
|
accessing
|
|
the
|
|
European
|
|
market
|
|
for
|
|
sure.
|
|
But
|
|
even
|
|
if
|
|
you
|
|
take
|
|
the
|
|
US
|
|
and
|
|
a
|
|
lot
|
|
of
|
|
other
|
|
countries,
|
|
the
|
|
level
|
|
of
|
|
protection
|
|
does
|
|
exist
|
|
for
|
|
investment
|
|
and
|
|
trade.
|
|
And
|
|
the
|
|
Europeans
|
|
are
|
|
the
|
|
only
|
|
ones
|
|
not
|
|
to
|
|
protect
|
|
their
|
|
own
|
|
companies
|
|
and
|
|
their
|
|
own
|
|
markets
|
|
when
|
|
the
|
|
other
|
|
countries
|
|
do
|
|
n't
|
|
respect
|
|
the
|
|
global
|
|
playing
|
|
field.
|
|
This
|
|
is
|
|
why
|
|
we
|
|
have
|
|
to
|
|
be
|
|
much
|
|
more
|
|
realistic
|
|
if
|
|
we
|
|
want
|
|
to
|
|
protect
|
|
our
|
|
chemical
|
|
industry,
|
|
our
|
|
industry
|
|
from
|
|
the
|
|
automotive
|
|
sector
|
|
to
|
|
a
|
|
lot
|
|
of
|
|
others
|
|
because
|
|
they
|
|
are
|
|
being
|
|
literally
|
|
killed
|
|
by
|
|
the
|
|
lack
|
|
of
|
|
respect
|
|
of
|
|
a
|
|
normal
|
|
framework
|
|
and
|
|
level
|
|
playing
|
|
field.
|
|
Europe
|
|
has
|
|
very
|
|
strong
|
|
tools
|
|
now
|
|
and
|
|
we
|
|
have
|
|
to
|
|
use
|
|
them
|
|
when
|
|
we
|
|
are
|
|
not
|
|
respected
|
|
and
|
|
when
|
|
the
|
|
rules
|
|
of
|
|
the
|
|
game
|
|
are
|
|
not
|
|
respected,
|
|
by
|
|
the
|
|
way.
|
|
The
|
|
anti-coercion
|
|
mechanism
|
|
is
|
|
a
|
|
powerful
|
|
instrument
|
|
and
|
|
we
|
|
should
|
|
not
|
|
hesitate
|
|
to
|
|
deploy
|
|
it
|
|
in
|
|
today
|
|
's
|
|
tough
|
|
environment.
|
|
We
|
|
must
|
|
also
|
|
advance
|
|
the
|
|
principle
|
|
of
|
|
European
|
|
preference.
|
|
There
|
|
is
|
|
a
|
|
North
|
|
American
|
|
preference
|
|
in
|
|
your
|
|
market.
|
|
There
|
|
is
|
|
no
|
|
European
|
|
preference
|
|
today.
|
|
We
|
|
are
|
|
progressively
|
|
creating
|
|
it
|
|
and
|
|
in
|
|
the
|
|
latest
|
|
documents
|
|
and
|
|
decisions
|
|
taken
|
|
by
|
|
the
|
|
decisions,
|
|
we
|
|
do
|
|
have
|
|
the
|
|
first
|
|
examples
|
|
of
|
|
that.
|
|
But
|
|
this
|
|
is
|
|
extremely
|
|
good
|
|
and
|
|
we
|
|
are
|
|
currently
|
|
aligning
|
|
closely
|
|
with
|
|
Germany
|
|
to
|
|
deliver
|
|
an
|
|
ambitious
|
|
and
|
|
simple
|
|
framework.
|
|
And
|
|
this
|
|
is
|
|
a
|
|
decisive
|
|
project
|
|
and
|
|
I
|
|
count
|
|
on
|
|
the
|
|
European
|
|
Commission
|
|
to
|
|
present
|
|
a
|
|
proposal
|
|
by
|
|
early
|
|
2026
|
|
with
|
|
the
|
|
highest
|
|
possible
|
|
level
|
|
of
|
|
ambition
|
|
in
|
|
order
|
|
to
|
|
deliver,
|
|
I
|
|
would
|
|
say,
|
|
across
|
|
the
|
|
different
|
|
sectors,
|
|
the
|
|
principle
|
|
of
|
|
European
|
|
preference.
|
|
This
|
|
is
|
|
a
|
|
necessity.
|
|
We
|
|
must
|
|
act
|
|
on
|
|
imports
|
|
as
|
|
well
|
|
regarding
|
|
this
|
|
protection
|
|
issue
|
|
and
|
|
in
|
|
the
|
|
context
|
|
of
|
|
escalating
|
|
trade
|
|
tensions
|
|
and
|
|
Asian
|
|
overcapacities,
|
|
Europe
|
|
must
|
|
strengthen
|
|
its
|
|
trade
|
|
defence
|
|
instruments,
|
|
including
|
|
measures
|
|
to
|
|
enforce
|
|
regulatory
|
|
standards
|
|
and
|
|
we
|
|
must
|
|
improve
|
|
the
|
|
quality
|
|
and
|
|
added
|
|
value
|
|
of
|
|
foreign
|
|
direct
|
|
investments,
|
|
targeting
|
|
projects
|
|
with
|
|
strong
|
|
export
|
|
potential.
|
|
And
|
|
this
|
|
is
|
|
core
|
|
for
|
|
the
|
|
rebalancing
|
|
with
|
|
China.
|
|
China
|
|
is
|
|
welcome,
|
|
but
|
|
what
|
|
we
|
|
need
|
|
is
|
|
more
|
|
Chinese
|
|
foreign
|
|
direct
|
|
investment
|
|
in
|
|
Europe
|
|
in
|
|
some
|
|
key
|
|
sectors
|
|
to
|
|
contribute
|
|
to
|
|
our
|
|
growth,
|
|
to
|
|
transfer
|
|
some
|
|
technologies
|
|
and
|
|
not
|
|
just
|
|
to
|
|
export
|
|
towards
|
|
Europe
|
|
some
|
|
devices
|
|
or
|
|
products
|
|
which
|
|
sometimes
|
|
do
|
|
n't
|
|
have
|
|
the
|
|
same
|
|
standards
|
|
or
|
|
are
|
|
much
|
|
more
|
|
subsidized
|
|
as
|
|
the
|
|
ones
|
|
being
|
|
produced
|
|
in
|
|
Europe.
|
|
It
|
|
's
|
|
not
|
|
being
|
|
protectionist,
|
|
it
|
|
's
|
|
just
|
|
restoring
|
|
this
|
|
level
|
|
playing
|
|
field
|
|
and
|
|
protecting
|
|
our
|
|
industry.
|
|
So
|
|
from
|
|
safeguard
|
|
clauses,
|
|
to
|
|
my
|
|
work
|
|
clauses,
|
|
to
|
|
European
|
|
preferences
|
|
and
|
|
incentives
|
|
for
|
|
more
|
|
FDIs,
|
|
this
|
|
strategy
|
|
is
|
|
absolutely
|
|
key.
|
|
And
|
|
in
|
|
parallel,
|
|
protecting
|
|
our
|
|
economies
|
|
will
|
|
also
|
|
require
|
|
a
|
|
resilient
|
|
strategy
|
|
on
|
|
both
|
|
imports
|
|
and
|
|
exports
|
|
to
|
|
de-risk
|
|
supply
|
|
chains,
|
|
particularly
|
|
for
|
|
raw
|
|
materials,
|
|
rare
|
|
earths,
|
|
semiconductors,
|
|
chips
|
|
and
|
|
to
|
|
diversify
|
|
our
|
|
trade
|
|
partners.
|
|
The
|
|
second
|
|
pillar
|
|
of
|
|
the
|
|
European
|
|
economy
|
|
and
|
|
European
|
|
strategy
|
|
should
|
|
be
|
|
simplification.
|
|
And
|
|
when
|
|
I
|
|
speak
|
|
about
|
|
simplification,
|
|
we
|
|
started
|
|
with
|
|
CSRD,
|
|
CS3D
|
|
and
|
|
we
|
|
have
|
|
to
|
|
do
|
|
much
|
|
more
|
|
on
|
|
different
|
|
sectors
|
|
and
|
|
we
|
|
did
|
|
it
|
|
during
|
|
the
|
|
past
|
|
few
|
|
weeks
|
|
on
|
|
automotive
|
|
and
|
|
we
|
|
have
|
|
to
|
|
do
|
|
it
|
|
on
|
|
chemical,
|
|
digital,
|
|
AI,
|
|
banking
|
|
and
|
|
so
|
|
on.
|
|
And
|
|
the
|
|
core
|
|
of
|
|
this
|
|
simplification
|
|
is
|
|
sometimes
|
|
to
|
|
get
|
|
rid
|
|
of
|
|
some
|
|
recent
|
|
regulations
|
|
when
|
|
they
|
|
desynchronize
|
|
in
|
|
a
|
|
certain
|
|
way
|
|
the
|
|
European
|
|
Union
|
|
in
|
|
comparison
|
|
with
|
|
the
|
|
rest
|
|
of
|
|
the
|
|
world.
|
|
But
|
|
we
|
|
have
|
|
as
|
|
well
|
|
to
|
|
accelerate
|
|
the
|
|
deepening
|
|
of
|
|
the
|
|
single
|
|
market.
|
|
On
|
|
all
|
|
these
|
|
sectors,
|
|
the
|
|
450
|
|
million
|
|
inhabitants
|
|
and
|
|
consumers
|
|
market
|
|
should
|
|
be
|
|
the
|
|
domestic
|
|
market
|
|
of
|
|
all
|
|
the
|
|
EU
|
|
companies.
|
|
It
|
|
's
|
|
not
|
|
yet
|
|
the
|
|
case
|
|
as
|
|
long
|
|
as
|
|
you
|
|
have
|
|
complexities.
|
|
In
|
|
doing
|
|
so,
|
|
we
|
|
must
|
|
ensure
|
|
respect
|
|
technological
|
|
neutrality
|
|
and
|
|
non-discrimination
|
|
within
|
|
the
|
|
European
|
|
Union.
|
|
This
|
|
is
|
|
another
|
|
pillar,
|
|
another
|
|
point
|
|
of
|
|
simplification.
|
|
Neutral
|
|
approach
|
|
in
|
|
terms
|
|
of
|
|
technology
|
|
and
|
|
non-discrimination.
|
|
We
|
|
discriminate
|
|
during
|
|
such
|
|
a
|
|
long
|
|
time
|
|
between
|
|
the
|
|
different
|
|
sources
|
|
of
|
|
energy.
|
|
It
|
|
's
|
|
counterproductive
|
|
for
|
|
the
|
|
Europeans
|
|
themselves.
|
|
Companies
|
|
have
|
|
a
|
|
role
|
|
to
|
|
play
|
|
and
|
|
we
|
|
must
|
|
act
|
|
and
|
|
you
|
|
must
|
|
act.
|
|
And
|
|
clearly,
|
|
you
|
|
must
|
|
help
|
|
identify
|
|
and
|
|
concretely
|
|
help
|
|
us
|
|
to
|
|
simplify
|
|
where
|
|
it
|
|
is
|
|
needed.
|
|
But
|
|
for
|
|
me,
|
|
this
|
|
agenda
|
|
of
|
|
simplification
|
|
is
|
|
not
|
|
a
|
|
matter
|
|
of
|
|
discussion
|
|
but
|
|
just
|
|
implementation,
|
|
speed
|
|
and
|
|
scale.
|
|
The
|
|
third
|
|
pillar
|
|
of
|
|
the
|
|
European
|
|
strategy
|
|
for
|
|
more
|
|
competitiveness
|
|
and
|
|
more
|
|
autonomy
|
|
is
|
|
based
|
|
on
|
|
investment
|
|
and
|
|
innovation.
|
|
We
|
|
have
|
|
to
|
|
invest
|
|
much
|
|
more.
|
|
If
|
|
there
|
|
is
|
|
a
|
|
GDP
|
|
per
|
|
capita
|
|
so
|
|
different
|
|
between
|
|
the
|
|
US
|
|
and
|
|
Europe,
|
|
65%
|
|
to
|
|
70%
|
|
of
|
|
the
|
|
explanation
|
|
is
|
|
due
|
|
to
|
|
the
|
|
difference
|
|
in
|
|
terms
|
|
of
|
|
innovation.
|
|
The
|
|
US
|
|
was
|
|
much
|
|
more
|
|
innovative
|
|
because
|
|
of
|
|
public
|
|
and
|
|
private
|
|
investment.
|
|
So
|
|
in
|
|
our
|
|
budget
|
|
for
|
|
the
|
|
months
|
|
to
|
|
come,
|
|
because
|
|
we
|
|
will
|
|
negotiate
|
|
this
|
|
year
|
|
in
|
|
Europe,
|
|
we
|
|
have
|
|
to
|
|
invest
|
|
much
|
|
more
|
|
money
|
|
in
|
|
the
|
|
critical
|
|
sectors
|
|
where
|
|
the
|
|
innovation
|
|
will
|
|
be
|
|
made.
|
|
AI,
|
|
quantic,
|
|
green
|
|
tech,
|
|
but
|
|
as
|
|
well
|
|
defense
|
|
and
|
|
security.
|
|
The
|
|
size
|
|
of
|
|
our
|
|
common
|
|
budget
|
|
is
|
|
not
|
|
the
|
|
right
|
|
one.
|
|
We
|
|
have
|
|
to
|
|
invest
|
|
much
|
|
more
|
|
money
|
|
in
|
|
order
|
|
to
|
|
be
|
|
much
|
|
more
|
|
credible
|
|
and
|
|
accelerate
|
|
this
|
|
innovation
|
|
agenda.
|
|
But
|
|
at
|
|
the
|
|
same
|
|
time,
|
|
if
|
|
you
|
|
look
|
|
at
|
|
the
|
|
situation,
|
|
we
|
|
do
|
|
n't
|
|
have
|
|
sufficient
|
|
private
|
|
investment.
|
|
And
|
|
this
|
|
is
|
|
one
|
|
of
|
|
the
|
|
main
|
|
differences.
|
|
We
|
|
do
|
|
have
|
|
the
|
|
savings
|
|
as
|
|
Europeans.
|
|
Much
|
|
more
|
|
than
|
|
the
|
|
US,
|
|
by
|
|
the
|
|
way.
|
|
But
|
|
these
|
|
savings
|
|
are
|
|
overinvested
|
|
in
|
|
bonds
|
|
and
|
|
sometimes
|
|
in
|
|
equities,
|
|
but
|
|
outside
|
|
Europe.
|
|
So
|
|
this
|
|
is
|
|
why
|
|
the
|
|
top
|
|
priority
|
|
should
|
|
be
|
|
the
|
|
securitization
|
|
program.
|
|
It
|
|
is
|
|
prepared.
|
|
We
|
|
have
|
|
to
|
|
accelerate
|
|
the
|
|
implementation.
|
|
And
|
|
second,
|
|
capital
|
|
market
|
|
union.
|
|
Precisely
|
|
in
|
|
order
|
|
to
|
|
have
|
|
more
|
|
integration
|
|
and
|
|
simplification,
|
|
but
|
|
to
|
|
have
|
|
an
|
|
efficient
|
|
capital
|
|
market
|
|
union
|
|
in
|
|
order
|
|
to
|
|
invest
|
|
much
|
|
more
|
|
money
|
|
and
|
|
use
|
|
our
|
|
savings
|
|
to
|
|
be
|
|
invested
|
|
on
|
|
innovation
|
|
and
|
|
equity
|
|
in
|
|
Europe.
|
|
This
|
|
agenda
|
|
for
|
|
me
|
|
is
|
|
our
|
|
top
|
|
priority.
|
|
Both
|
|
the
|
|
global
|
|
and
|
|
the
|
|
European
|
|
one.
|
|
And
|
|
it
|
|
is
|
|
to
|
|
be
|
|
implemented
|
|
in
|
|
the
|
|
months
|
|
to
|
|
come
|
|
because
|
|
everything
|
|
is
|
|
about
|
|
acceleration.
|
|
And
|
|
France
|
|
is
|
|
committed
|
|
to
|
|
deliver
|
|
this
|
|
agenda.
|
|
We
|
|
work
|
|
very
|
|
closely
|
|
with
|
|
our
|
|
key
|
|
partner.
|
|
And
|
|
at
|
|
the
|
|
same
|
|
time,
|
|
our
|
|
objective
|
|
for
|
|
France
|
|
is
|
|
to
|
|
stabilize
|
|
our
|
|
results
|
|
and
|
|
our
|
|
macro
|
|
approach
|
|
and
|
|
to
|
|
remain
|
|
the
|
|
highly
|
|
attractive
|
|
country
|
|
we
|
|
are.
|
|
We
|
|
've
|
|
been
|
|
the
|
|
most
|
|
attractive
|
|
country
|
|
of
|
|
Europe
|
|
during
|
|
the
|
|
past
|
|
six
|
|
years.
|
|
And
|
|
to
|
|
consolidate
|
|
our
|
|
deep
|
|
structural
|
|
reforms
|
|
and
|
|
our
|
|
key
|
|
advantage.
|
|
And
|
|
on
|
|
top
|
|
of
|
|
the
|
|
business
|
|
framework
|
|
we
|
|
have,
|
|
I
|
|
want
|
|
here
|
|
to
|
|
insist
|
|
on
|
|
the
|
|
fact
|
|
that
|
|
we
|
|
have
|
|
a
|
|
competitive,
|
|
stable,
|
|
low-carbon
|
|
electricity
|
|
supply.
|
|
We
|
|
exported
|
|
last
|
|
year
|
|
90
|
|
terawatt
|
|
hours
|
|
of
|
|
electricity
|
|
and
|
|
a
|
|
low-carbon
|
|
one
|
|
based
|
|
on
|
|
our
|
|
nuclear
|
|
model.
|
|
We
|
|
have
|
|
world-class
|
|
innovation
|
|
and
|
|
research
|
|
capabilities
|
|
and
|
|
we
|
|
will
|
|
improve
|
|
them.
|
|
And
|
|
we
|
|
have
|
|
one
|
|
of
|
|
the
|
|
most
|
|
vivid
|
|
and
|
|
active
|
|
ecosystems
|
|
in
|
|
AI,
|
|
quantum
|
|
computing,
|
|
energy
|
|
transition,
|
|
etc.
|
|
And
|
|
a
|
|
lot
|
|
of
|
|
startups
|
|
and
|
|
unicorns
|
|
and
|
|
large
|
|
caps
|
|
of
|
|
these
|
|
sectors
|
|
are
|
|
with
|
|
me
|
|
in
|
|
my
|
|
delegation
|
|
today.
|
|
And
|
|
on
|
|
top
|
|
of
|
|
that,
|
|
let
|
|
me
|
|
insist,
|
|
and
|
|
I
|
|
will
|
|
stop
|
|
here,
|
|
on
|
|
the
|
|
fact
|
|
that
|
|
we
|
|
have
|
|
a
|
|
high-quality
|
|
infrastructure
|
|
and
|
|
large
|
|
markets
|
|
with
|
|
strong
|
|
purchasing
|
|
power.
|
|
And
|
|
we
|
|
have
|
|
a
|
|
place
|
|
where
|
|
rule
|
|
of
|
|
law
|
|
and
|
|
predictability
|
|
is
|
|
still
|
|
the
|
|
rule
|
|
of
|
|
the
|
|
game.
|
|
And
|
|
my
|
|
guess
|
|
is
|
|
that
|
|
it
|
|
is
|
|
largely
|
|
underpriced
|
|
by
|
|
the
|
|
market.
|
|
And
|
|
beyond
|
|
what
|
|
you
|
|
can
|
|
do
|
|
in
|
|
terms
|
|
of
|
|
investment,
|
|
what
|
|
you
|
|
can
|
|
do
|
|
in
|
|
terms
|
|
of
|
|
strong
|
|
ambitions,
|
|
having
|
|
a
|
|
place
|
|
like
|
|
Europe,
|
|
which
|
|
sometimes
|
|
is
|
|
too
|
|
slow,
|
|
for
|
|
sure,
|
|
and
|
|
needs
|
|
to
|
|
be
|
|
reformed,
|
|
for
|
|
sure,
|
|
but
|
|
which
|
|
is
|
|
predictable,
|
|
loyal,
|
|
and
|
|
where
|
|
you
|
|
know
|
|
that
|
|
the
|
|
rule
|
|
of
|
|
the
|
|
game
|
|
is
|
|
just
|
|
the
|
|
rule
|
|
of
|
|
law,
|
|
it
|
|
's
|
|
a
|
|
good
|
|
place.
|
|
And
|
|
I
|
|
think
|
|
this
|
|
is
|
|
a
|
|
good
|
|
place
|
|
for
|
|
today
|
|
and
|
|
for
|
|
tomorrow.
|
|
So,
|
|
we
|
|
will
|
|
be
|
|
committed
|
|
during
|
|
2026
|
|
to
|
|
try
|
|
to
|
|
deliver
|
|
this
|
|
global
|
|
agenda
|
|
in
|
|
order
|
|
to
|
|
fix
|
|
global
|
|
imbalances
|
|
through
|
|
more
|
|
cooperations.
|
|
And
|
|
we
|
|
will
|
|
do
|
|
our
|
|
best
|
|
in
|
|
order
|
|
to
|
|
have
|
|
a
|
|
stronger
|
|
Europe,
|
|
much
|
|
stronger
|
|
and
|
|
more
|
|
autonomous
|
|
based
|
|
on
|
|
the
|
|
pillars
|
|
I
|
|
just
|
|
mentioned
|
|
and
|
|
based
|
|
as
|
|
well,
|
|
and
|
|
we
|
|
can
|
|
revert
|
|
in
|
|
the
|
|
dialogue,
|
|
but
|
|
on
|
|
more
|
|
investment
|
|
and
|
|
commitments
|
|
on
|
|
defense
|
|
and
|
|
security,
|
|
because
|
|
we
|
|
have
|
|
to
|
|
invest
|
|
much
|
|
more
|
|
and
|
|
invest
|
|
much
|
|
more.
|
|
Because
|
|
we
|
|
do
|
|
believe,
|
|
and
|
|
here
|
|
in
|
|
the
|
|
epicenter
|
|
of
|
|
this
|
|
continent,
|
|
we
|
|
do
|
|
believe
|
|
that
|
|
we
|
|
need
|
|
more
|
|
growth,
|
|
we
|
|
need
|
|
more
|
|
stability
|
|
in
|
|
this
|
|
world,
|
|
but
|
|
we
|
|
do
|
|
prefer
|
|
respect
|
|
to
|
|
bullies,
|
|
we
|
|
do
|
|
prefer
|
|
science
|
|
to
|
|
plotism,
|
|
and
|
|
we
|
|
do
|
|
prefer
|
|
rule
|
|
of
|
|
law
|
|
to
|
|
brutality.
|
|
So,
|
|
you
|
|
're
|
|
welcome
|
|
in
|
|
Europe,
|
|
and
|
|
you
|
|
are
|
|
more
|
|
than
|
|
welcome
|
|
to
|
|
France.
|
|