Macron calls for integrating “a growth objective or even a decarbonization objective” into the ECB’s missions

“We cannot have a monetary policy whose only objective is an inflation objective, moreover in an economic environment where decarbonization is a factor in increasing prices,” judged the Head of State during a a long speech at the Sorbonne.

The ECB's mission in its statutes is "to maintain price stability" with "an inflation rate of 2% in the medium term".

“We once again need a common investment shock, a major budgetary investment plan” for in particular defense, artificial intelligence, decarbonization, he pleaded, recalling that this “investment wall” is estimated “between 650 and 1.000 billion euros per year”.

“These are subsidies that we need (...) Is it a common borrowing capacity? Is it using mechanisms that exist today (...) At Basically, we must succeed in doubling our Europe's financial action capacity or at least doubling it in budgetary terms,” he said.

For this, the European Union must have "additional own resources" but "without ever burdening European citizens", he judged, referring to avenues such as the carbon tax at borders or the taxation of financial transactions.

To achieve these objectives, the Head of State also called "to further mobilize private investment and our private financing capacities". “We must give ourselves twelve months” to implement the Capital Markets Union project, he judged.