French President Calls for a New Global Economic Order

Diplomacy | August 27, 2019, Tuesday // 21:30|  views

In an extensive foreign policy speech on Tuesday, French President Emmanuel Macron called for a new global economic order, citing the "unprecedented crisis" in the market economy, the Associated Press reported.

Against the backdrop of volatility in US trade policy, Macron said the market economy was already too dependent on finances, creating inequalities that "shook our political order."

The French president called for global "rethinking" but did not provide details.

Macron said that "we are experiencing the end of Western hegemony" in the world, partly as a result of "mistakes" in the West in recent centuries.

Macron spoke the day after the end of the G7 summit in Biarritz, overshadowed by concerns over US trade policy, tensions with China and economic slowdown. The G7 forum ended with an appeal for "fair" and "open" trade, but without mentioning currency and financial incentives, the AP said.

President Macron also said it was time for Europe to redefine its relations with Russia, curb its global ambitions and prevent it from being drawn into a new Cold War.

Macron did not say whether the EU sanctions imposed on Moscow after the annexation of the Crimea by Ukraine were lifted, but said that new sanctions were "not in our interest".

The French head of state warned that Russia's further repulsion would be a "major strategic mistake".

The French president stressed that Europe's "weaknesses and mistakes" contributed to strengthening Russia's alliance with China and reviving its influence in Syria, Libya and all over Africa.

Macron and Russian President Vladimir Putin met last week and agreed to give a new impetus to peace talks with Ukraine. However, they were in different positions on other issues, including on Syria and Russia's crush on opposition protests, the AP recalls.