Emmanuel Macron glosses over EU budget crises in bid to win over new investment for France

Europe ‘acted rapidly in financial crisis’ says Macron

The French President Emmanuel Macron addressed a virtual investor summit on Tuesday during which he claimed the European Union had “acted rapidly” in response to the financial crisis of 2020 triggered by the coronavirus pandemic. He boasted the EU economic recovery plan was a “unique package” that had offered a “big transformation.” Mr Macron glossed over the worrying economic trends facing the Eurozone as the beat the drum for French businesses. 

Mr Macron said: “When you look at the financial crisis, 12-years-ago, I think we procrastinated a lot and it took time for Europe basically to react and to take the right decisions at that time.

“The US fixed much more rapidly the situation. When I look at the out situation facing the crisis today, I think this is exactly the opposite.

“Europe reacted very rapidly, we founded a Franco-German agreement in May 2020 and we found a European agreement in July 2020,

“So very rapidly with the new budget system but also the recovery plan with a unique package and a big transformation of the way to build our policies.”

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He continued: “To decide all together to have ambition and solidarity.”

Mr Macron’s comments came as it was revealed eurocrats are putting a squeeze on British financiers in a bid to force them to move their business to Europe.

On Monday, London-based TP ICAP said they were blocked for serving its EU clients because they had not completed a planned relocation of staff to Paris.

The firm was due to move 80 brokers from the UK to its new outpost in Paris last year before the end of the Brexit transition period.

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But the company was unable to do complete the move because of coronavirus restrictions and finding schooling for its employees’ children.

The company said: “Due partly to the extraordinary circumstances relating to the COVID-19 pandemic, in particular relating to stay-at-home orders and travel restrictions currently in effect, it has not yet been possible to complete the relocation of staff to the EU27 or the local hiring of brokers in the EU-based offices of TPIE as quickly as originally planned.”

TP ICAP insisted it was still committed to making the moves at the “earliest opportunity” but a spokesman for the firm declined to comment on the exact details.

And the European Central Bank was pushing for the bloc to continue demanding that businesses move employees to mainland Europe.

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The EU last year demanded that UK-based lenders move staff and assets to the Eurozone in order to keep serving the bloc’s clients after Brexit.

Brussels has been drawing up plans to bolster euro-based financial services businesses and end the bloc’s reliance on the City of London.

Financial services commissioner Mairead McGuinness last week insisted the realities of Brexit have “come home to roost” for Britain.

British and Brussels officials are expected to agree on a framework for future financial services coordination by the end of March.

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