France Proposes Small EU Group to Advance Investments

French Finance Minister Bruno Le Maire said a voluntary group of nations will be necessary to mobilize private cash for the investment needed in artificial intelligence and the transition to a climate-neutral economy. Le Maire told reporters on February 23:

I have been trying for more than six years to build a Capital Markets Union. My conclusion is that starting with the 27 member states is a nonstarter. We want to launch today in Ghent a Capital Markets Union on a voluntary basis. If we have at the beginning three to four countries joining that initiative … it will be a good basis.

The need: France and Germany believe that the green and digital transition of the European Union’s economy requires an additional €500 billion (us$541 billion) each year.

The goal: The Capital Markets Union promises to channel Europe’s vast savings into investments in an EU-wide market.

The concern: EU countries have been reluctant to give up national supervision.

The future: Europe is about to transform into an economic powerhouse by reducing its number of member states to a core group of like-minded nations. To learn more, read “How the Global Financial Crisis Will Produce Europe’s 10 Kings,” by Trumpet editor in chief Gerald Flurry.