1
00:00:02,440 --> 00:00:08,800
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. President Macron, thank you

2
00:00:08,960 --> 00:00:12,479
Speaker 1: for talking to Bloomberg. We're here at your annual Choose

3
00:00:12,560 --> 00:00:15,080
Speaker 1: France conference for foreign investors.

4
00:00:15,840 --> 00:00:16,800
Speaker 2: And as long as.

5
00:00:16,760 --> 00:00:20,720
Speaker 1: I've known you, you have always wanted to prepare France

6
00:00:20,760 --> 00:00:24,840
Speaker 1: to like business more, but also business to like France more.

7
00:00:25,000 --> 00:00:27,840
Speaker 1: And you look and you see what is happening here.

8
00:00:28,000 --> 00:00:30,640
Speaker 1: You have had many successes. You are about to trumpet

9
00:00:31,000 --> 00:00:35,680
Speaker 1: fifteen billion euros of investment in France, but you also

10
00:00:35,720 --> 00:00:39,560
Speaker 1: know France has problems. The economy is not growing that much.

11
00:00:39,960 --> 00:00:43,000
Speaker 1: The economy since you came in has grown roughly half

12
00:00:43,040 --> 00:00:46,280
Speaker 1: as fast as America. You still have a state that

13
00:00:46,360 --> 00:00:49,559
Speaker 1: takes up fifty seven percent of GDP, and you have

14
00:00:49,600 --> 00:00:52,160
Speaker 1: all that red tape which your government says it wants

15
00:00:52,159 --> 00:00:55,080
Speaker 1: to get rid of, that is around three percent of GDP.

16
00:00:55,880 --> 00:00:59,640
Speaker 1: So how do you persuade people to choose France against that?

17
00:01:00,360 --> 00:01:02,920
Speaker 3: Thank you very much for being here in this vers

18
00:01:03,080 --> 00:01:05,880
Speaker 3: castle and this is quite a good wrap up. It

19
00:01:06,040 --> 00:01:10,720
Speaker 3: just made. We delivered a lot of reform since the

20
00:01:10,840 --> 00:01:17,119
Speaker 3: very beginning twenty seventeen. Tax cuts, flat tax on capital gains,

21
00:01:17,400 --> 00:01:21,559
Speaker 3: we decreased from thirty three point three to twenty five

22
00:01:21,600 --> 00:01:26,679
Speaker 3: percents corporate taxes. We made a lot of reforms on

23
00:01:27,200 --> 00:01:32,440
Speaker 3: labor law and after COVID. During this the past two

24
00:01:32,480 --> 00:01:38,040
Speaker 3: years with inflation war in Ukraine, we passed reform and

25
00:01:38,319 --> 00:01:45,760
Speaker 3: on pension scheme and unemployment mechanisms. I don't see a

26
00:01:45,800 --> 00:01:49,240
Speaker 3: lot of countries around us having done so.

27
00:01:49,240 --> 00:01:51,840
Speaker 2: So you don't just want to be compared to Europe

28
00:01:51,880 --> 00:01:52,160
Speaker 2: to you.

29
00:01:52,200 --> 00:01:55,840
Speaker 3: No, no, no, My point is just to say we delivered,

30
00:01:55,960 --> 00:01:58,640
Speaker 3: We do deliver, and we will deliver. And this is

31
00:01:58,680 --> 00:02:01,360
Speaker 3: why we will launch this week a new bunch of

32
00:02:01,440 --> 00:02:05,880
Speaker 3: reform on labor market. We will launch a new bunch

33
00:02:05,920 --> 00:02:11,799
Speaker 3: of simplification and attractiveness package for finance, and we will

34
00:02:11,840 --> 00:02:16,480
Speaker 3: prepare for we have already launched new simplification and we

35
00:02:16,520 --> 00:02:19,720
Speaker 3: will prepare for September a new bunch of reform on

36
00:02:19,800 --> 00:02:23,600
Speaker 3: labor markets. So it's a permanent work. But I see

37
00:02:23,639 --> 00:02:26,760
Speaker 3: where we come from and where we want to go. France,

38
00:02:26,760 --> 00:02:31,160
Speaker 3: who was lagging behind clearly in Europe because of too

39
00:02:31,240 --> 00:02:35,480
Speaker 3: much bureaucracy, a strong system, a lot of strength, but

40
00:02:35,960 --> 00:02:39,120
Speaker 3: lack of competitiveness, I think we bridge I don't think

41
00:02:39,520 --> 00:02:42,920
Speaker 3: I see that we clearly bridge the gap with the

42
00:02:42,919 --> 00:02:46,840
Speaker 3: others and now we are runners in Europe. My concern

43
00:02:46,919 --> 00:02:50,000
Speaker 3: is not just France, is Europe in comparison with US

44
00:02:50,040 --> 00:02:52,520
Speaker 3: and China. And this is the point you mentioned during

45
00:02:52,560 --> 00:02:56,960
Speaker 3: the three past decades. If you take this three the

46
00:02:57,000 --> 00:03:01,600
Speaker 3: last three decades, we created half of the value per

47
00:03:01,680 --> 00:03:06,160
Speaker 3: capita created by the US. Why lack of innovation, lack

48
00:03:06,160 --> 00:03:08,919
Speaker 3: of investment. This is the main reason. This is why

49
00:03:09,040 --> 00:03:12,200
Speaker 3: now my top priority is to have a European policy

50
00:03:12,919 --> 00:03:15,840
Speaker 3: saying we have to be much more innovative, we have

51
00:03:15,919 --> 00:03:20,080
Speaker 3: to create a much more efficient capital market, we have

52
00:03:20,200 --> 00:03:25,480
Speaker 3: to invest much more from a common budget as Europeans

53
00:03:25,800 --> 00:03:30,359
Speaker 3: and from the private sector, and we have to deliver

54
00:03:30,840 --> 00:03:35,760
Speaker 3: in parallel our decabination because I do believe that climates,

55
00:03:36,240 --> 00:03:40,440
Speaker 3: digital growsome job creation are the scripillars of what we

56
00:03:40,480 --> 00:03:41,480
Speaker 3: have to deliver, and.

57
00:03:41,480 --> 00:03:43,720
Speaker 2: Those will go through all of those.

58
00:03:43,760 --> 00:03:46,080
Speaker 1: But just on that point about the European economy, you

59
00:03:46,200 --> 00:03:49,080
Speaker 1: had a full scale attack on it at the Sorbonne

60
00:03:49,080 --> 00:03:52,280
Speaker 1: where you said it is sclerotic, it is being left behind.

61
00:03:52,320 --> 00:03:55,320
Speaker 1: Do you think that from the EU's point of view,

62
00:03:56,000 --> 00:03:59,480
Speaker 1: that sclerotic economy is a bigger long term challenge and say,

63
00:04:00,040 --> 00:04:00,880
Speaker 1: think this is one.

64
00:04:02,280 --> 00:04:06,000
Speaker 3: I think this is clearly linked to what's happening as well.

65
00:04:06,680 --> 00:04:12,800
Speaker 3: But we have to completely reset our model. I think

66
00:04:13,080 --> 00:04:16,200
Speaker 3: now France clearly is one of the leading economy. We

67
00:04:16,279 --> 00:04:19,120
Speaker 3: are number one in attractiveness, we've been number one during

68
00:04:19,160 --> 00:04:24,080
Speaker 3: the past five years, and if you take job creation growth,

69
00:04:24,440 --> 00:04:28,680
Speaker 3: we are one or second in the Eurozone.

70
00:04:28,920 --> 00:04:29,760
Speaker 2: Do you think so.

71
00:04:31,600 --> 00:04:34,760
Speaker 3: We are here now when I take Europe and especially

72
00:04:34,880 --> 00:04:37,160
Speaker 3: the EU as a whole, but it's as well for UK.

73
00:04:37,960 --> 00:04:40,120
Speaker 3: We have this issue in terms of business model. Why

74
00:04:40,240 --> 00:04:47,120
Speaker 3: because we had low cost energy thanks to Russia, production

75
00:04:47,640 --> 00:04:52,239
Speaker 3: thanks to santral and Eastern European countries with quite low costs,

76
00:04:53,920 --> 00:05:00,080
Speaker 3: a market for exports China, and a geopolitical umbrella US.

77
00:05:01,040 --> 00:05:06,200
Speaker 3: These pillars are being completely revised totally, yes, and it's

78
00:05:06,480 --> 00:05:09,560
Speaker 3: no more valid. So we have to reinvent and how

79
00:05:10,360 --> 00:05:12,839
Speaker 3: by creating much more value on our own by being

80
00:05:12,880 --> 00:05:16,680
Speaker 3: much more innovative, by creating much more jobs and jobs

81
00:05:16,720 --> 00:05:19,480
Speaker 3: with value, good jobs, I would say, on our continents.

82
00:05:20,080 --> 00:05:23,560
Speaker 3: The key point is deliver much more innovation and productivity

83
00:05:23,600 --> 00:05:28,400
Speaker 3: policy public and privates. The second key reforms is to

84
00:05:28,440 --> 00:05:34,160
Speaker 3: accelerate the cabination and especially our electricity policy because through

85
00:05:34,160 --> 00:05:40,480
Speaker 3: renewables and nuclear energy, we can deliver low carbon, sovereign

86
00:05:40,920 --> 00:05:44,200
Speaker 3: and low cost energy, which is much more than important

87
00:05:44,720 --> 00:05:50,720
Speaker 3: gas and fossil fuels. Third, we need much more investment

88
00:05:51,880 --> 00:05:57,240
Speaker 3: based on common budget and my view, based on public

89
00:05:57,279 --> 00:06:02,479
Speaker 3: reports and figures, we need one trially in more in

90
00:06:02,560 --> 00:06:06,080
Speaker 3: terms of budget, in terms of spending, and in parallel,

91
00:06:06,120 --> 00:06:08,839
Speaker 3: we have to make the Capitan Market Union a reality,

92
00:06:08,880 --> 00:06:10,000
Speaker 3: which is can.

93
00:06:09,920 --> 00:06:11,839
Speaker 1: I come on to the Capital Market Union because you

94
00:06:11,960 --> 00:06:13,120
Speaker 1: have here an example.

95
00:06:13,600 --> 00:06:14,359
Speaker 2: You have BNP.

96
00:06:14,920 --> 00:06:20,760
Speaker 1: Yeah, now probably Europe's and definitely the Eurozone's most successful bank,

97
00:06:21,160 --> 00:06:25,320
Speaker 1: worth eighty billion dollars. But you know you are entertaining

98
00:06:25,360 --> 00:06:28,320
Speaker 1: these people like JP Morgan and someone JP Morgan is

99
00:06:28,320 --> 00:06:31,159
Speaker 1: worth five hundred and fifty billion. It's it's nine times

100
00:06:31,160 --> 00:06:33,800
Speaker 1: this big Bank of America, four times as big. And

101
00:06:33,839 --> 00:06:38,240
Speaker 1: the reason why is BMP Parrybar cannot expand throughout the

102
00:06:38,279 --> 00:06:41,159
Speaker 1: European Union and take over other banks. This is very cool,

103
00:06:41,640 --> 00:06:46,000
Speaker 1: civil you would like to see BMP take over one

104
00:06:46,040 --> 00:06:48,560
Speaker 1: of these, take over a German bank or an Italian one.

105
00:06:48,800 --> 00:06:49,200
Speaker 2: I want.

106
00:06:49,360 --> 00:06:51,400
Speaker 3: I mean, we do need a consolidation, but we do

107
00:06:51,480 --> 00:06:54,600
Speaker 3: need as well an actual domestic market as Europeans which

108
00:06:54,640 --> 00:06:56,800
Speaker 3: is not the case. We have to deal with twenty

109
00:06:56,839 --> 00:07:05,240
Speaker 3: seven regulations. You know, in energy, finance and telco are

110
00:07:05,279 --> 00:07:08,560
Speaker 3: the key sectors where single market doesn't exist. It was

111
00:07:08,600 --> 00:07:11,880
Speaker 3: a choice at the very beginning. I do agree that

112
00:07:12,120 --> 00:07:15,400
Speaker 3: we have now to open this box and to deliver

113
00:07:15,400 --> 00:07:18,920
Speaker 3: a single market approach with much more efficient So our

114
00:07:19,000 --> 00:07:21,920
Speaker 3: view is that now we want to elaborate Froanco German

115
00:07:21,960 --> 00:07:26,640
Speaker 3: consensus on capital marketingion to have a single system of resolution,

116
00:07:26,880 --> 00:07:33,400
Speaker 3: a single supervision and a much more integrated capital marketingion.

117
00:07:33,680 --> 00:07:37,480
Speaker 1: Would you be happy with, say Spain Santandre coming and

118
00:07:37,520 --> 00:07:39,800
Speaker 1: buying society general, I mean part of.

119
00:07:39,760 --> 00:07:42,640
Speaker 3: That, it's part of the market, but dealing as Europeans

120
00:07:42,720 --> 00:07:45,800
Speaker 3: means that you need consolidation as Europeans you're not.

121
00:07:46,160 --> 00:07:49,920
Speaker 2: So it could be cross board emergers for directions.

122
00:07:49,360 --> 00:07:52,400
Speaker 3: But this one is for banking union, it's already on track.

123
00:07:52,680 --> 00:07:55,640
Speaker 3: Now we have to do it for capital marketingion, which

124
00:07:55,680 --> 00:07:59,960
Speaker 3: is broader and and even more difficult. But we started

125
00:08:00,080 --> 00:08:03,200
Speaker 3: to do so at a political level during the last console,

126
00:08:03,320 --> 00:08:07,040
Speaker 3: and I do believe that we can find Aco German agreement.

127
00:08:07,160 --> 00:08:10,440
Speaker 3: But why I want you to just understand the challenge

128
00:08:10,480 --> 00:08:17,080
Speaker 3: for us seventy five percent of our financing as Europeans

129
00:08:17,320 --> 00:08:21,400
Speaker 3: go through banks and insurance, so we need much more consolidation.

130
00:08:21,480 --> 00:08:25,080
Speaker 3: But we need a clear circulation of the savings all

131
00:08:25,120 --> 00:08:28,320
Speaker 3: around the place. This is the first objective, to be

132
00:08:28,440 --> 00:08:30,920
Speaker 3: much more efficient and to be sure that our savings

133
00:08:31,200 --> 00:08:35,079
Speaker 3: will be invested in the right sectors and the right geographies. Second,

134
00:08:35,520 --> 00:08:39,599
Speaker 3: every year three hundred billion savings goes to finance the

135
00:08:39,720 --> 00:08:42,120
Speaker 3: US economy because we are not attractive.

136
00:08:42,520 --> 00:08:42,920
Speaker 2: So on.

137
00:08:43,360 --> 00:08:47,679
Speaker 3: In parallel with this capital market union and the simplification

138
00:08:47,800 --> 00:08:52,840
Speaker 3: having an equal single market, we clearly need the same

139
00:08:52,920 --> 00:08:56,200
Speaker 3: level playing field as the US in terms of financing,

140
00:08:56,720 --> 00:08:59,880
Speaker 3: which means when you take solvency in basil, as long

141
00:08:59,920 --> 00:09:04,920
Speaker 3: as it's not implemented by the US competitors, it should

142
00:09:05,000 --> 00:09:08,080
Speaker 3: not be implemented by the European competitors. Otherwise this is

143
00:09:08,120 --> 00:09:13,280
Speaker 3: a killer for his taking because these regulations just prevent you,

144
00:09:13,720 --> 00:09:18,960
Speaker 3: i mean, our banks from investing in equity, which is

145
00:09:18,960 --> 00:09:21,560
Speaker 3: exactly what we need. And if you take the key

146
00:09:21,640 --> 00:09:24,040
Speaker 3: driver of this difference between the US and Europe, the

147
00:09:24,160 --> 00:09:27,640
Speaker 3: key driver is the fact that the US economy innovated

148
00:09:27,679 --> 00:09:32,640
Speaker 3: and invested much more iniquity and innovation than the European economy.

149
00:09:32,679 --> 00:09:36,600
Speaker 3: I think we did much better during in POSTCOVIC than

150
00:09:36,679 --> 00:09:39,840
Speaker 3: what we did during the financial crisis. But now this

151
00:09:39,960 --> 00:09:43,640
Speaker 3: is a totally new world and we do need this

152
00:09:43,880 --> 00:09:47,400
Speaker 3: new business model for the Europeans, more innovation, more investment,

153
00:09:47,559 --> 00:09:52,040
Speaker 3: single market and capital market onion and a relevant trade

154
00:09:52,040 --> 00:09:55,320
Speaker 3: policy because I want to at this point known the

155
00:09:55,440 --> 00:09:59,800
Speaker 3: US and now China are compliant with WTO Today we

156
00:09:59,840 --> 00:10:04,600
Speaker 3: are the only one in the room to respect just

157
00:10:04,800 --> 00:10:06,439
Speaker 3: the regulation of the beauty.

158
00:10:06,880 --> 00:10:10,120
Speaker 2: And we are to naive we are to open both of.

159
00:10:10,080 --> 00:10:12,600
Speaker 3: Them, their players and their economies. Can we have to

160
00:10:12,640 --> 00:10:13,000
Speaker 3: do this thing?

161
00:10:13,000 --> 00:10:14,960
Speaker 1: Can we come back to the to the issue of

162
00:10:15,040 --> 00:10:19,360
Speaker 1: China later? But just another French company, Total you mentioned energy.

163
00:10:19,520 --> 00:10:21,480
Speaker 2: Total's CEO has.

164
00:10:21,400 --> 00:10:25,920
Speaker 1: Talked about moving its primary listing away from France towards

165
00:10:25,920 --> 00:10:26,360
Speaker 1: New York.

166
00:10:27,080 --> 00:10:28,240
Speaker 2: Would you be happy with that?

167
00:10:28,480 --> 00:10:31,280
Speaker 3: Not at all? Would and I would be very surprised. No,

168
00:10:31,360 --> 00:10:36,200
Speaker 3: I wait for any confirmation. I understood it was remorse so.

169
00:10:37,120 --> 00:10:39,600
Speaker 1: But it's interesting that it's tied to the idea that

170
00:10:39,640 --> 00:10:43,960
Speaker 1: he would face extra ESG measures here that he would

171
00:10:43,960 --> 00:10:44,880
Speaker 1: not face in America.

172
00:10:44,960 --> 00:10:46,559
Speaker 2: So thinks that would affect his valuation.

173
00:10:46,679 --> 00:10:48,360
Speaker 3: Do you mean that we are more SERUS than the

174
00:10:48,480 --> 00:10:52,000
Speaker 3: US in terms of green economy and transition.

175
00:10:52,600 --> 00:10:54,920
Speaker 1: Yes, but you also in your speech at the Sorbonne

176
00:10:54,960 --> 00:10:57,920
Speaker 1: you said, as I paraphrase, you said you cannot let

177
00:10:58,000 --> 00:11:02,720
Speaker 1: decarbonization and be enemies exactly.

178
00:11:01,720 --> 00:11:04,120
Speaker 3: And this is my point. But the point is just

179
00:11:04,800 --> 00:11:07,040
Speaker 3: we have to be sure when we regulate, we should

180
00:11:07,040 --> 00:11:10,200
Speaker 3: not overregulate. Yes, and I think now we have to deliver.

181
00:11:10,840 --> 00:11:13,360
Speaker 3: We need in Europe much more investment. We have to

182
00:11:13,400 --> 00:11:16,360
Speaker 3: cut that tabs have more flexibility. But in parallel everybody

183
00:11:16,400 --> 00:11:19,120
Speaker 3: has to be serious. I saw a lot of funds,

184
00:11:19,160 --> 00:11:21,520
Speaker 3: a lot of asset managers saying we are with you

185
00:11:21,559 --> 00:11:24,920
Speaker 3: on climate change. Where is the beef? Are you sure

186
00:11:24,960 --> 00:11:29,120
Speaker 3: you are sufficiently compliant? Are you sure you are clearly

187
00:11:29,160 --> 00:11:32,400
Speaker 3: addressing the same issues. This is my point, and this

188
00:11:32,440 --> 00:11:34,920
Speaker 3: is why we need a resting chrognization between the US

189
00:11:35,080 --> 00:11:38,800
Speaker 3: and Europe. The restrant cognization is number one. The US

190
00:11:38,880 --> 00:11:42,960
Speaker 3: regulation in terms of crimachange as should be more serious

191
00:11:43,559 --> 00:11:47,800
Speaker 3: and realigned on the European ones. Second, the Europeans have

192
00:11:47,880 --> 00:11:51,480
Speaker 3: to invest much more and be more serious and realign

193
00:11:51,559 --> 00:11:52,960
Speaker 3: themselves on the US.

194
00:11:53,840 --> 00:11:55,800
Speaker 1: To answer iven another French company, I asked you about

195
00:11:55,800 --> 00:11:59,880
Speaker 1: total and bmp lvmh. I look, so nobody has done

196
00:12:00,040 --> 00:12:03,120
Speaker 1: better under the Macron presidency than Banner or No. He's

197
00:12:03,200 --> 00:12:06,480
Speaker 1: now his wealth has increased by one hundred and seventy

198
00:12:06,559 --> 00:12:09,360
Speaker 1: billion euros and he is now the richest man in

199
00:12:09,360 --> 00:12:11,959
Speaker 1: the world, probably the first Frenchman to have that honor

200
00:12:12,000 --> 00:12:14,400
Speaker 1: since Napoleon. And I think we can both say brave

201
00:12:14,480 --> 00:12:16,800
Speaker 1: to mister Io. He's done it in a more peaceful way.

202
00:12:17,480 --> 00:12:20,559
Speaker 1: But it's interesting you look at the people who've right

203
00:12:20,640 --> 00:12:22,680
Speaker 1: at the very top of the wealthiest people in France,

204
00:12:23,120 --> 00:12:27,280
Speaker 1: mostly either airs or in fashion or both, and I

205
00:12:27,360 --> 00:12:29,600
Speaker 1: wonder whether that is the kind of France you talked

206
00:12:29,600 --> 00:12:32,520
Speaker 1: about creating. You always talk about technology, but the people

207
00:12:32,559 --> 00:12:35,040
Speaker 1: who've done really well are these old style businesses.

208
00:12:35,280 --> 00:12:38,480
Speaker 3: You're right, all of them. I don't think it's all

209
00:12:38,559 --> 00:12:42,200
Speaker 3: style of business, but it's a business where we have

210
00:12:42,240 --> 00:12:48,280
Speaker 3: competitive advantage luxury fashion and so because France is one

211
00:12:48,280 --> 00:12:52,400
Speaker 3: of a great place and Bernadaud consolidated this market very early.

212
00:12:53,440 --> 00:12:56,640
Speaker 3: He was one of the font in this industry, and

213
00:12:56,840 --> 00:12:58,400
Speaker 3: I think it is very good and this is a

214
00:12:58,480 --> 00:13:01,000
Speaker 3: chance for us because first we speak about a lot

215
00:13:01,040 --> 00:13:05,800
Speaker 3: of jobs which are located in France because a lot

216
00:13:05,800 --> 00:13:09,520
Speaker 3: of these jobs are impossible to be relocated elsewhere.

217
00:13:09,600 --> 00:13:10,360
Speaker 2: When you speak.

218
00:13:10,120 --> 00:13:15,520
Speaker 3: About alcohol, when you speak about cognac, maniac, champagne, fashion

219
00:13:15,960 --> 00:13:20,440
Speaker 3: and making a lot of this stuff, it's added value.

220
00:13:21,280 --> 00:13:24,600
Speaker 3: It's low qualified and very qualified jobs. And in tall

221
00:13:25,040 --> 00:13:28,040
Speaker 3: it consolidated the market elsewhere. And thanks to the fact

222
00:13:28,080 --> 00:13:31,440
Speaker 3: that is listed in France, we consolidate a lot of

223
00:13:31,520 --> 00:13:34,640
Speaker 3: value and value creation as well. This is why thanks

224
00:13:34,640 --> 00:13:40,440
Speaker 3: to total lvmh BNP and so on. But we are

225
00:13:40,559 --> 00:13:44,959
Speaker 3: the second largest place of the world to list your company.

226
00:13:45,280 --> 00:13:47,120
Speaker 1: But there is a there's a tension, isn't it If

227
00:13:47,160 --> 00:13:50,520
Speaker 1: I look at all those people, or certainly as VMH

228
00:13:51,320 --> 00:13:54,880
Speaker 1: carrying all those ones. They have done spectacically well by

229
00:13:54,920 --> 00:13:58,199
Speaker 1: exporting to places like China. They've done very well out

230
00:13:58,200 --> 00:14:03,160
Speaker 1: of globalization and all the prescriptions you were just talking

231
00:14:03,160 --> 00:14:06,600
Speaker 1: about in terms of Europe having higher top trade rules

232
00:14:06,640 --> 00:14:09,559
Speaker 1: being tougher with China. You know what will happen in

233
00:14:09,600 --> 00:14:13,199
Speaker 1: a couple of months time, the Europeans will say we want.

234
00:14:13,000 --> 00:14:14,760
Speaker 2: To put tariffs on electric vehicles.

235
00:14:15,080 --> 00:14:17,520
Speaker 1: And what will happen is mister g despite what he

236
00:14:17,880 --> 00:14:20,120
Speaker 1: told the last year, he will come back and will

237
00:14:20,160 --> 00:14:23,280
Speaker 1: he will put tariffs on Cognac and that will help

238
00:14:22,880 --> 00:14:25,840
Speaker 1: those very successful French business people.

239
00:14:25,960 --> 00:14:28,400
Speaker 3: Look, I think this is exactly the mistake we made

240
00:14:28,400 --> 00:14:32,320
Speaker 3: twenty years ago on the solar panels, and we killed

241
00:14:32,320 --> 00:14:36,440
Speaker 3: them our industry. I'm very simple. I don't like your

242
00:14:36,440 --> 00:14:39,640
Speaker 3: own blackmail anybody. I just look at a picture. When

243
00:14:39,640 --> 00:14:43,400
Speaker 3: you have diaries of ten for your electric for Chinese

244
00:14:43,400 --> 00:14:47,080
Speaker 3: electric vehicles entering into our market, and when you are

245
00:14:47,160 --> 00:14:50,120
Speaker 3: taxed between fifteen and twenty four when you go to

246
00:14:50,160 --> 00:14:53,400
Speaker 3: the Chinese market, you have an issue. And on all

247
00:14:53,440 --> 00:14:57,240
Speaker 3: the different sectors. What we want is just reciprocity. We

248
00:14:57,320 --> 00:15:01,960
Speaker 3: want and in fact more and that margins then regarding

249
00:15:02,040 --> 00:15:06,200
Speaker 3: the relation with China, level playing field. So what we

250
00:15:06,320 --> 00:15:08,800
Speaker 3: ask for is exactly that we want to be sure

251
00:15:08,800 --> 00:15:09,600
Speaker 3: that in terms.

252
00:15:09,360 --> 00:15:12,560
Speaker 2: Of tariffs, subsidies, rules of.

253
00:15:12,520 --> 00:15:16,480
Speaker 3: Production, we have a fair competition. And I mentioned it

254
00:15:16,640 --> 00:15:19,160
Speaker 3: very openly to present see. So it is not a

255
00:15:19,240 --> 00:15:22,600
Speaker 3: geopolitical agenda. We don't want to blackmail and push back

256
00:15:22,680 --> 00:15:25,240
Speaker 3: some of the production. We want to be sure it

257
00:15:25,320 --> 00:15:31,520
Speaker 3: is fair. It's fair to launch precisely inquiries and look

258
00:15:31,560 --> 00:15:35,320
Speaker 3: in details of the situation and revise it. If we

259
00:15:35,360 --> 00:15:38,280
Speaker 3: are weak, if we are threatened by the fact that

260
00:15:38,320 --> 00:15:42,480
Speaker 3: you can have retortion measures, you just don't do what

261
00:15:42,520 --> 00:15:45,240
Speaker 3: you have to do. We had this discussion and this

262
00:15:45,360 --> 00:15:48,080
Speaker 3: is why they decided not to implement the first measures

263
00:15:48,120 --> 00:15:51,400
Speaker 3: on Cognac, but to withdraw the first one. So I

264
00:15:51,440 --> 00:15:54,360
Speaker 3: think it's it's a normal approach. But look at the

265
00:15:54,400 --> 00:15:57,760
Speaker 3: situation today. The European Union is the most open place

266
00:15:57,800 --> 00:16:01,000
Speaker 3: of the world. But you cannot serve if at the

267
00:16:01,040 --> 00:16:04,400
Speaker 3: same time you have subsidieson other capacities in China and

268
00:16:04,480 --> 00:16:08,280
Speaker 3: protection in some part of the market, and inflation rediction

269
00:16:08,440 --> 00:16:12,800
Speaker 3: acts and buy American acts in the US. It doesn't

270
00:16:12,840 --> 00:16:13,680
Speaker 3: fly once again.

271
00:16:13,840 --> 00:16:15,840
Speaker 2: So Europe has got to get tougher now.

272
00:16:16,200 --> 00:16:19,760
Speaker 3: But this is a necessary not because we are protectionists,

273
00:16:19,800 --> 00:16:21,440
Speaker 3: because we want to protect our.

274
00:16:21,600 --> 00:16:24,080
Speaker 2: German The Germans do not agree with you without life.

275
00:16:23,880 --> 00:16:28,000
Speaker 3: I think it depends whom in Germany and for which perspective.

276
00:16:28,480 --> 00:16:32,080
Speaker 3: It's certainly true that some German companies, when they are

277
00:16:32,120 --> 00:16:36,880
Speaker 3: incorporated in China, for instance, benefiting from subsiditions, not just German,

278
00:16:36,960 --> 00:16:40,960
Speaker 3: European American. Their interest is probably to preserve that and

279
00:16:41,200 --> 00:16:43,440
Speaker 3: to sell themselves are over capacities in China to the

280
00:16:43,520 --> 00:16:46,760
Speaker 3: rest of the world. And especially the European markets. But

281
00:16:46,880 --> 00:16:50,720
Speaker 3: the German economies interest is totally aligne with the French

282
00:16:50,720 --> 00:16:57,680
Speaker 3: economies interests meaning creating jobs, creating value, but just protecting

283
00:16:58,440 --> 00:17:01,120
Speaker 3: your business and your people when they are attacked by

284
00:17:01,240 --> 00:17:05,280
Speaker 3: unfir measures and it's it's normal, it's part of the business.

285
00:17:05,520 --> 00:17:07,879
Speaker 3: So for me, it's just a no brainer.

286
00:17:08,000 --> 00:17:11,960
Speaker 1: It's a very interesting journey watching you make the French

287
00:17:12,280 --> 00:17:14,159
Speaker 1: love business more and business love France more.

288
00:17:14,200 --> 00:17:16,920
Speaker 2: Thank you very much, no, thank you. Into Bloomberg. It's

289
00:17:17,000 --> 00:17:17,520
Speaker 2: very important.

290
00:17:17,560 --> 00:17:19,080
Speaker 3: Thank you for being here. I hope you will have

291
00:17:19,080 --> 00:17:22,240
Speaker 3: the importanity to discuss with a lot of CEOs and

292
00:17:22,280 --> 00:17:26,160
Speaker 3: we will continue because business is in permanent evolution, given

293
00:17:26,200 --> 00:17:27,840
Speaker 3: the fact that your politics.

294
00:17:27,440 --> 00:17:30,000
Speaker 2: Is start moving all the time.

295
00:17:30,720 --> 00:17:32,119
Speaker 3: Thank you, thank you.

296
00:17:32,160 --> 00:17:32,480
Speaker 2: Jemis