High Yield Markets
  • World News
  • Politics
  • Investing
  • Stock
  • Editor’s Pick
World News

French and German leaders gloss over divisions at summit

by January 23, 2023
January 23, 2023

PARIS — The leaders of France and Germany sought at a summit on Sunday to pave over divisions that have dogged Europe’s closest bilateral relation since the war in Ukraine broke out, leaving many of their most vexed issues to be worked out later. 

In a show of pageantry and unity, the two governments marked the 60th anniversary of a friendship treaty signed by France’s Charles de Gaulle and Germany’s Konrad Adenauer with speeches at the Sorbonne University in Paris and a joint cabinet meeting at the Elysee Palace. 

The summit between the two governments, traditionally the driving force behind broader EU policy initiatives, had originally been planned for October, but was postponed amid differences on issues ranging from energy policy to defense procurement. 

“The Franco-German motor is a compromise machine — well oiled, but sometimes loud and needing hard work,” German Chancellor Olaf Scholz said in a speech at the Sorbonne. 

The two governments issued a joint statement flagging plans to press ahead with joint initiatives for a main battle tank, in space programs, and in developing hydrogen production and battery technologies. 

But they also papered over deeper differences. 

French President Emmanuel Macron said the two countries agreed the European Union (EU) needed to find funds to make green investments in the industrial sector in response to US subsidies for green energy under Washington’s $369 billion Inflation Reduction Act (IRA). 

“We have a real convergence in the responses we are bringing,” Mr. Macron said at a news conference with Mr. Scholz, but offered no concrete details. 

German officials say Berlin sees little need for a new sovereign EU fund that France considers necessary to help European industry make investments to remain competitive against US firms benefiting from generous tax credits under the IRA. 

The two governments also committed only vaguely to work on an EU overhaul of the electricity market, on which France wants urgent progress as it prepares a vast nuclear energy push while Berlin is skeptical and does not want to rush into. 

Meanwhile, on defense, Mr. Macron opened the door to French involvement in plans between Germany and more than a dozen other European countries to pool air defense capabilities, saying Paris would weigh risks and possible investments in the “coming weeks and months.” — Reuters

previous post
California shooting suspect kills himself after Lunar New Year massacre
next post
Japan’s finances are becoming increasingly precarious — Suzuki

You may also like

Yellen tries to assuage investor fears as bank...

March 24, 2023

Singapore push for all-EV future faces a love...

March 24, 2023

EU leaders agree to fast-tracked deal on power...

March 24, 2023

World Bank seeks more private cash as yearly...

March 24, 2023

What’s behind bitcoin’s latest surge?

March 23, 2023

FTX reaches deal to recover over $400 mln...

March 23, 2023

‘Vampiric overconsumption’ draining world’s water — UN

March 23, 2023

China’s military says US warship illegally entered waters...

March 23, 2023

TikTok would be tough to ban in the...

March 23, 2023

Sanofi, Regeneron’s Dupixent shows promise as drug to...

March 23, 2023
Join The Exclusive Subscription Today And Get Premium Articles For Free


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Recent Posts

  • The New Deal and Recovery, Part 26: The RFC, Conclusion

    March 24, 2023
  • The New Deal and Recovery, Part 25: The RFC, Continued

    March 20, 2023
  • The New Deal and Recovery, Part 24: The RFC

    March 14, 2023
  • The New Deal and Recovery, Part 23: The Great Rapprochement

    February 7, 2023
  • About Us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Copyright © 2023 HighYieldMarkets.com All Rights Reserved.

High Yield Markets
  • World News
  • Politics
  • Investing
  • Stock
  • Editor’s Pick