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French President Emmanuel Macron has urged Europe to show itself on the world stage, saying it is time to start acting as a "power".
Faced with growing threats from China, Russia and now the US, he told a group of European newspapers that the continent faces a "wake-up call".
"Are we ready to become a power? That is the question in the field of economy and finance, in defense and security, and in our democratic systems. In another era we might have said it is time to 'get the majority,'" he said ahead of an EU summit in Brussels later this week.
Macron repeated his call for mutual loans across the EU with the aim of raising the hundreds of billions of euros needed for industrial investment.
"The time has come to launch a common debt capacity to finance our future spending - Eurobonds for the future. We need large European programs to finance the best projects," he said.
Similar calls in the past have been met with skepticism from Germany and other countries, which believe that France wants to use Europe to carry a financial burden that it alone, due to its failure to reform, is unable to shoulder.
Macron acknowledged that France "has never had a balanced model, unlike some northern economies, which are built more on a sense of responsibility."
"And we have never had reforms like those launched in the 2010s in Portugal, Spain, Italy and Greece, which are bearing fruit today. World markets are increasingly afraid of the US dollar. They want alternatives. For investors everywhere, a democratic rule of law is a big attraction. And when I see the world as it is, we have the authoritarian regime that is China, and on the other hand we have the US that is increasingly distancing itself from a rule of law," said Macron.
According to Macron, the 27-member EU needs 1.2 trillion euros (1 trillion pounds; 1.4 trillion dollars) a year to invest in the vital sectors of security and defense, clean energy and artificial intelligence.
Calling on the EU to "protect" these and other industries, he said: "The Chinese do it, the Americans do it. Europe today is the most open market in the world."/ CNA, translated by BBC
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