- Title: Euro may not exist in 10 years, France's Macron says
- Date: 10th January 2017
- Summary: BERLIN, GERMANY (JANUARY 10, 2017) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** SIGN FOR HUMBOLDT UNIVERSITY OF BERLIN INDEPENDENT FRENCH PRESIDENTIAL CANDIDATE, EMMANUEL MACRON ARRIVING AT PODIUM TO SPEAK PROJECTION READING: (English) EMMANUEL MACRON, THE FRANCO-GERMAN RELATIONSHIP AND THE FUTURE OF THE EUROPEAN UNION (SOUNDBITE) (English) INDEPENDENT FRENCH PRESIDENTIAL CANDIDATE, EMMANUEL MACRON, SAYING: "How can we not see that our challenges are the same. How can we not see that terrorism is not only a French or German problem. That the Paris Agreement on climate change is not an issue for Berlin too. That in a globalised world necessary protections will not come from merely national policies but from European firmness carried by our two countries." PEOPLE LISTENING (SOUNDBITE) (English) INDEPENDENT FRENCH PRESIDENTIAL CANDIDATE, EMMANUEL MACRON, SAYING: "We must also create a common intelligence system overcoming national reluctance that enables an effective tracking of criminals and terrorists and in the longer run a common police force against organised crime and terrorism. We must face together, without being naive, the actual threats of the virtual world: cyber terrorism as well as any type of cyber attack." CAMERAMAN (SOUNDBITE) (English) INDEPENDENT FRENCH PRESIDENTIAL CANDIDATE, EMMANUEL MACRON, SAYING: "(The euro) It has not provided Europe with a full international sovereignty against the dollar on its rules. It has not provided Europe with a natural convergence between the different member states. What is our situation today with euro? We failed ion convergence policy. When you look at the situation, the dysfunctioning of euro is good news for Germany I have to say. You benefit from this dysfunctioning. Part of your success is due to your reforms and part of our lack of success is due to the fact that at the same time, we didn't reform. So I am not refusing to take into consideration this big difference. But in the same time the dysfunctioning of the eurozone creates unbalanced reactions and favours a sort of productive centre against the rest of the zone. Why? Because the euro today is a sort of a weak Deutsch Mark which favours the German industry." PEOPLE LISTENING (SOUNDBITE) (English) INDEPENDENT FRENCH PRESIDENTIAL CANDIDATE, EMMANUEL MACRON, SAYING: "The economic and monetary union involves a strict responsibility and a deep solidarity. Clear rules, loyal cooperation. Strong mutual assistance. This is the new deal I am promoting. The only deal which can rebuild trust and generate growth. That is why I do believe in this balance between responsibility and solidarity. That's our economic and political duty. Why? Because if we don't do so in ten years or 15 yearsâ€™ time, dear Joschka (Joschka Fischer). If somebody comes here in this university to make such a speech our risk is not to have euro any more. Because the status quo is synonymous in ten years time of the dismantling of the euro." AUDIENCE CLAPPING
- Embargoed: 24th January 2017 21:04
- Keywords: France presidential election Emmanuel Macron
- Location: BERLIN, GERMANY
- City: BERLIN, GERMANY
- Country: Germany
- Topics: European Union,Government/Politics
- Reuters ID: LVA0015YHWYMF
- Aspect Ratio: 16:9
- Story Text: The euro may not exist in 10 years' time if Paris and Berlin fail to bolster the single currency union, French presidential candidate Emmanuel Macron said on Tuesday (January 10), adding the current system benefited Germany at the expense of weaker member states.
Macron was economy minister under Socialist President Francois Hollande until he resigned this year to create his own political movement and stand as an independent candidate in this year's presidential election.
Speaking at the Humboldt University in Berlin Macron said that the euro was incomplete without major reforms.
Speaking in English, he added: "It has not provided Europe with full international sovereignty against the dollar on its rules. It has not provided Europe with a natural convergence between the different member states."
France must implement labour market reforms and revamp its education system to revive growth, while Germany must accept that more investment instead of austerity can boost growth across the eurozone area, the centrist politician said.
"The dysfunctioning of the euro is of good use to Germany, I have to say," said Macron, adding that a lack of trust between France and Germany was blocking major reforms that would increase solidarity among the 19 members of the eurozone.
"The euro is a weak Deutsch Mark," said Macron. "The status quo is synonymous, in 10 years' time, with the dismantling of the euro."
He proposed the creation of a eurozone budget to finance growth-oriented investments and to extend financial assistance to struggling member states.
However, this would be anathema to German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble, whose conservatives face an election this year and have faced domestic resistance to bailouts for Greece by hawks who say such payments turn the eurozone into a "transfer union".
Macron, a rare advocate in France of deeper European integration, has taken the unusual step of encouraging supporters to cheer the European Union at political rallies in contrast with other politicians who often rail against "Brussels".
Macron, 39, has enjoyed a boost in recent polls, which show him cementing his position as the presidential election's "third man" and within a whisker of reaching the crucial second round runoff to be held in May.
An opinion poll last week showed conservative candidate Francois Fillon's lead in France's presidential election race had narrowed, with both Macron and far-right leader Marine Le Pen gaining on the former prime minister.
Earlier in the evening Macron paid his condolences at the site of the Christmas market attack in Berlin.
"We must also create a common intelligence system overcoming national reluctance that enables an effective tracking of criminals and terrorists and in the longer run a common police force against organised crime and terrorism," he said at the Humboldt.
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