PARIS, Aug 27: French President Emmanuel Macron is calling for a new global economic order, decrying an “unprecedented crisis” in the market economy.
Amid uncertainty over U.S. trade policies, Macron said the market economy has become too finance-driven, creating inequalities “that are shaking up our political order.” He called for a global “rethink,” but did not offer details.
In a sweeping diplomatic speech on Tuesday, Macron said, “We are living the end of Western hegemony” in the world, in part as a result of Western “errors” over past centuries.
Macron spoke the day after hosting an intense G-7 summit clouded by concerns about U.S. trade policies and tensions with China and an economic slowdown. The G-7 ended with a call for “fair” and “open” trade but no mention of currencies or fiscal stimulus.