WEBVTT 00:00:00.009 --> 00:00:02.649 What are you trying to achieve at this conference? 00:00:02.660 --> 00:00:05.179 Are we talking about money transfer, debt, forgiveness 00:00:05.190 --> 00:00:07.538 or keeping the momentum to really try and do a 00:00:07.549 --> 00:00:10.970 New Bretton Woods Agreement? I think the key purpose 00:00:10.978 --> 00:00:15.380 is to keep the momentum and to have a new 00:00:15.390 --> 00:00:19.658 financial architecture for the poorest countries of the world. 00:00:19.989 --> 00:00:22.920 With President Macron. We don't want the poorest countries 00:00:22.929 --> 00:00:26.190 in the world to be confronted to a choice between 00:00:26.199 --> 00:00:32.098 fighting against extreme poverty and fighting against climate change. 00:00:32.189 --> 00:00:35.329 We want to provide all the financial means for those 00:00:35.340 --> 00:00:39.039 countries to be efficient in the fight against poverty and 00:00:39.048 --> 00:00:42.081 in the fight against climate change. This is key 00:00:42.090 --> 00:00:44.590 purpose of this summit and I think that the key 00:00:44.600 --> 00:00:48.000 point, the key purpose would be to define a 00:00:48.011 --> 00:00:51.979 new financial architecture for the 21st century. Minister. 00:00:51.990 --> 00:00:54.610 Are you frustrated that it's taking this much time? 00:00:54.619 --> 00:00:56.360 I know the Chinese Premier is here which is a 00:00:56.369 --> 00:00:59.500 great coup because we haven't actually seen us officials and 00:00:59.511 --> 00:01:02.549 Chinese officials at this high level in a room together 00:01:02.561 --> 00:01:04.500 talking about these issues. But you've tried to push 00:01:04.510 --> 00:01:07.780 on voting rights in the how is that going? 00:01:07.230 --> 00:01:11.600 Big things a long time. So I'm not frustrated 00:01:11.611 --> 00:01:15.912 . I think that we are totally determined to have 00:01:15.921 --> 00:01:19.632 a final positive outcome for this summit. I think 00:01:19.641 --> 00:01:22.641 that we are moving in the right direction. As 00:01:22.652 --> 00:01:26.031 far as debt restructuring is concerned, we want to 00:01:26.040 --> 00:01:27.740 move faster, we want to move quicker. I 00:01:27.751 --> 00:01:30.871 think that we could have a positive outcome as far 00:01:30.882 --> 00:01:34.971 as the debt of Zambia. And Sri Lanka is 00:01:34.981 --> 00:01:38.292 concerned. It is really quite good news to have 00:01:38.302 --> 00:01:42.072 the Chinese Prime Minister here in Paris today, talking 00:01:42.082 --> 00:01:44.852 with all the heads of states, talking with Secretary 00:01:44.873 --> 00:01:47.623 Ja. This is really, I think a very 00:01:47.632 --> 00:01:51.623 positive outcome. We also have the new president of 00:01:51.632 --> 00:01:55.063 the World Bank and we are defining a new role 00:01:55.072 --> 00:01:57.611 for the multi development banks, providing more money for 00:01:57.623 --> 00:02:00.421 the poor country. So really things are moving in 00:02:00.432 --> 00:02:05.703 the right direction and the final outcome be positive. 00:02:06.143 --> 00:02:08.274 I imagine that in the corridors they talk about trade 00:02:08.282 --> 00:02:10.413 , they talk about the fact that Secretary Blinken was 00:02:10.423 --> 00:02:14.473 in China. The fact that we have President Xi 00:02:14.524 --> 00:02:16.112 with a rapprochement with the US. What does this 00:02:16.122 --> 00:02:19.663 mean for global growth? I think it's good news 00:02:19.673 --> 00:02:23.604 because we all want to improve the relationship between the 00:02:23.612 --> 00:02:29.264 three continents, between China, the US Europe. 00:02:29.274 --> 00:02:32.743 We are totally determined to defend on interests in Europe 00:02:32.865 --> 00:02:36.574 . You know that the new principle which is now 00:02:36.585 --> 00:02:39.115 at the core of the European future has been defined 00:02:39.125 --> 00:02:43.895 by President Macron and it is sovereignty, sovereignty means 00:02:43.903 --> 00:02:47.425 that we want to defend our technological assets or economic 00:02:47.433 --> 00:02:52.383 interests while talking with China. But being aware that 00:02:52.395 --> 00:02:55.383 there is a necessity to really have all the necessary 00:02:55.395 --> 00:03:00.735 tools to defend our economic interests, high inflation, 00:03:00.746 --> 00:03:02.126 interest rates rising. I mean, the economy is 00:03:02.135 --> 00:03:06.474 extremely complex. Do we need to attract in Europe 00:03:06.485 --> 00:03:08.415 and France specifically, more Chinese investments? Yes, 00:03:08.425 --> 00:03:13.776 we are open to Chinese investments in France. We 00:03:13.784 --> 00:03:19.064 had yesterday a very fruitful discussion between Prime Minister of 00:03:19.075 --> 00:03:22.925 the Chinese Republic and the key ceos of the French 00:03:22.936 --> 00:03:25.425 economy. And we made it very clear that there 00:03:25.436 --> 00:03:30.336 is any willing of the Chinese government to invest more 00:03:30.567 --> 00:03:32.646 in France and more in Europe. For instance, 00:03:32.656 --> 00:03:38.276 on the S on the electric batteries, we are 00:03:38.287 --> 00:03:40.885 welcoming those investments. We have a lot of us 00:03:40.896 --> 00:03:45.116 viewers at this time in the day. Would they 00:03:45.126 --> 00:03:46.735 worry that actually that investment that could have gone to 00:03:46.746 --> 00:03:50.385 the US is going elsewhere including Europe? I think 00:03:50.396 --> 00:03:53.287 that you know, climate change means a lot of 00:03:53.295 --> 00:03:57.167 new investments in green in batteries in S and so 00:03:57.176 --> 00:04:00.706 on sort of panels. So there is place for 00:04:00.717 --> 00:04:03.146 everybody. We should just be very cautious in the 00:04:03.157 --> 00:04:09.487 way we are defending of technological assets and technologies or 00:04:09.497 --> 00:04:13.646 key technologies. But any way the fight against climate 00:04:13.657 --> 00:04:16.458 change will pave the way for new investments and new 00:04:16.466 --> 00:04:18.846 innovations. And this is a really good thing that 00:04:18.858 --> 00:04:23.468 we have food, food talks and constructive talks between 00:04:23.478 --> 00:04:26.838 the US the Eu and China Minister, how difficult 00:04:26.848 --> 00:04:28.538 is it to be in charge of finances of a 00:04:28.548 --> 00:04:30.848 country at a time where interest rates are going up 00:04:30.858 --> 00:04:33.288 , inflation of course, is going up which leads 00:04:33.298 --> 00:04:35.127 to higher interest rates. But at the same time 00:04:35.307 --> 00:04:39.338 , we need to do economies because of huge deficits 00:04:39.348 --> 00:04:42.478 across the world. It's a kind of fine tuning 00:04:42.488 --> 00:04:46.398 I would say, which means just a fine tuning 00:04:46.408 --> 00:04:47.959 , which means that is the key priority is to 00:04:47.968 --> 00:04:51.858 get rid of inflation and to bring the prices down 00:04:51.869 --> 00:04:54.660 . This is a key priority for the household. 00:04:54.670 --> 00:04:57.488 Of course, then you have to take into account 00:04:57.500 --> 00:05:00.338 the necessity to come back to some public finances. 00:05:00.350 --> 00:05:03.778 I just announced last Monday that we would cut in 00:05:03.790 --> 00:05:11.009 public expenses by€10 billion at least for next 2024 00:05:11.100 --> 00:05:14.730 . So this means that we are totally determined to 00:05:14.738 --> 00:05:16.059 come back to some public finances and to stick to 00:05:16.069 --> 00:05:19.656 the path of reform, introduced two key reforms, 00:05:19.665 --> 00:05:23.255 the reform of the labor market and of course, 00:05:23.264 --> 00:05:25.074 the pension reform. But given what we heard from 00:05:25.084 --> 00:05:26.795 the fed and other central banks, do you not 00:05:26.805 --> 00:05:30.596 worry that interest rate hikes will be so severe that 00:05:30.605 --> 00:05:31.846 they will almost have to crush economies or at least 00:05:31.855 --> 00:05:34.055 put them in a recession to achieve their inflation target 00:05:34.065 --> 00:05:35.954 . That's why it's so important to keep a high 00:05:35.966 --> 00:05:39.735 level of investment and a high level of innovation. 00:05:39.745 --> 00:05:42.545 If you want to avoid recession, you have to 00:05:42.555 --> 00:05:45.894 find the right balance between coming back to some public 00:05:45.961 --> 00:05:49.380 finances and keeping a high level of investments in the 00:05:49.391 --> 00:05:51.492 fight against climate change. And of course, in 00:05:51.502 --> 00:05:56.790 defense, since we have war back on the European 00:05:56.802 --> 00:05:59.492 soil, this is this balance that we want to 00:05:59.502 --> 00:06:00.940 preserve. You know that we are in the process 00:06:00.951 --> 00:06:04.281 of defining the new rules for the European countries, 00:06:04.290 --> 00:06:06.961 the stability and both parts. We want those new 00:06:06.971 --> 00:06:11.290 rules to keep the right balance between investments and some 00:06:11.302 --> 00:06:13.331 public finances. They need to be more flexible. 00:06:13.889 --> 00:06:15.108 We need flexibility. Of course, we need the 00:06:15.119 --> 00:06:18.100 rules, we need all the countries to abide by 00:06:18.108 --> 00:06:21.009 the rules. But let's be very clear. The 00:06:21.019 --> 00:06:25.350 key factor for the 21st century for Europe is to 00:06:25.358 --> 00:06:29.079 keep a high level of investment in innovation.