Published by Global Banking & Finance Review®
Posted on February 10, 2026
3 min readLast updated: February 10, 2026
Add as preferred source on GoogleFrench President Macron suggests EU joint borrowing via eurobonds to challenge US dollar dominance, highlighting EU's underutilized debt capacity.
By Gianluca Lo Nostro
PARIS, Feb 10 (Reuters) - Europe should brace for more moments of U.S. hostility, French President Emmanuel Macron has warned, and should treat what he called the “Greenland moment” as a wake‑up call to push through long‑delayed reforms to strengthen the bloc’s global power.
In an interview with several European newspapers, the French leader said the European Union should not mistake a lull in tensions with Washington for a lasting shift despite a pause in U.S. threats over Greenland, trade and technology.
Macron urged EU leaders to use a summit in a Belgian castle this week to inject fresh energy into economic reforms to bolster the bloc's competitiveness and strengthen its ability to stand up to China and the United States on the world stage.
“When there’s a clear act of aggression, I think what we should do isn’t bow down or try to reach a settlement," Macron told Le Monde, the Financial Times and other newspapers in comments published on Tuesday. "We’ve tried that strategy for months. It’s not working,”
Macron said the Trump administration was being "openly anti‑European" and seeking the EU’s "dismemberment". He said he anticipated further tensions with the Trump administration, including over Europe's regulation of digital technology.
"The U.S. will, in the coming months — that’s certain — attack us over digital regulation," Macron added, warning of potential U.S. import tariffs from U.S. President Donald Trump should the EU use its Digital Services Act to control tech companies.
'EUROPE NEEDS PROTECTION, NOT PROTECTIONISM'
Europe needed to be more resilient in the face of a double challenge from the United States and China, Macron said.
"We have the Chinese tsunami on the trade front, and we have minute-by-minute instability on the American side. These two crises amount to a profound shock — a rupture for Europeans," he continued.
Macron, whose second term finishes in spring 2027, renewed his call for the EU to embark on more common borrowing to help the bloc of 27 nations invest at scale and challenge the hegemony of the U.S. dollar.
The EU used joint debt in 2020 to re-boot the European economy after the COVID-19 pandemic, but French attempts to make such tools permanent have faced stiff resistance from Germany and other more frugal northern member states.
Thursday's summit will include discussions around French-led plans for a “Made in Europe” strategy that would set minimum requirements for European content in locally manufactured goods. The approach has split EU countries and alarmed automakers.
"For me, the economic strategy to make our Europe a power lies in what I call protection, which is not protectionism, but rather European preference," Macron said.
(Reporting by Gianluca Lo Nostro; Editing by Lincoln Feast, Richard Lough and Alex Richardson)
Joint borrowing refers to a financial arrangement where multiple parties, such as countries or organizations, come together to borrow funds collectively, often to achieve shared economic goals.
US dollar dominance refers to the widespread use of the US dollar as the primary currency for international trade, finance, and reserves, which gives the US significant economic influence.
Under-indebtedness occurs when an entity, such as a country or organization, has a lower level of debt compared to its economic capacity or potential, limiting its ability to invest and grow.
Joint borrowing can lead to increased financial stability and collaboration among nations, potentially reducing reliance on dominant currencies like the US dollar and fostering economic growth.
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