Emmanuel Macron pleaded on Thursday for a “public funding shock” and more “private funding” to help the most vulnerable countries face the double challenge of poverty and global warming. “No decision-maker, no country should ever have to choose between reducing poverty and protecting the planet”, launched the French president at the opening of the Summit for a new global financial pact which he is organizing for two days. in Paris. “We must be able to meet the challenges at the same time” within the framework of a “new consensus”, he added.
This informal summit, the idea of which was put forward by Emmanuel Macron and the Prime Minister of Barbados Mia Mottley in November, aims to give political impetus to an overhaul of the international financial system, born in 1944 in Bretton Woods, in the United States. and which relies on the World Bank and the International Monetary Fund. “We have to take on a shock of public financing” and “need a lot more private financing”, underlined the French president, considering that the world was currently “not there”. Financial institutions are “probably no longer going fast enough” and are “no longer quite suitable”, he said in front of their leaders.
“This peak is yours”
According to Emmanuel Macron, without “totally changing the system”, “we can make it work much better if this money and this liquidity are at the service of the progress of the planet and this double challenge that I mentioned, poverty and climate, biodiversity” . “This summit is yours, that is to say that of all those who are on the front line” in the face of climate change and the rise of poverty and inequality, assured the French president, in the presence many heads of state and government, particularly African ones.
He promised them that “this new international financial pact” would be “much more respectful of everyone’s sovereignty”. “For me this meeting must be that of solutions”, “very concrete solutions”, in particular “new instruments” of financing, hammered President Macron, promising to make “the list” Friday at the end of the summit , with a supporting “tracking mechanism”. “It is by this yardstick that we will be judged,” he admitted.