1 00:00:00,200 --> 00:00:03,560 Speaker 1: This is a joy because for America in this summer, 2 00:00:03,760 --> 00:00:07,400 Speaker 1: it is where we are heading. With a question everyone 3 00:00:07,440 --> 00:00:11,480 Speaker 1: I talked to there is only one destination, and it 4 00:00:11,560 --> 00:00:15,560 Speaker 1: is Paris. It is stunning anecdotally to see the number 5 00:00:15,600 --> 00:00:19,799 Speaker 1: of people migrating to France. Leading the way is Francine 6 00:00:19,840 --> 00:00:23,079 Speaker 1: Lacroix from London at an important conference of mister mccroun 7 00:00:23,600 --> 00:00:27,080 Speaker 1: on climate and on the funding for poorer nations. She 8 00:00:27,240 --> 00:00:31,160 Speaker 1: is in conversation with a tour director for Paris. He's 9 00:00:31,200 --> 00:00:34,680 Speaker 1: on the bus telling us about the highlights, Bruno La Mayer, 10 00:00:34,800 --> 00:00:36,280 Speaker 1: tour director this summer. 11 00:00:36,479 --> 00:00:41,640 Speaker 2: Francine, Tom, you couldn't be more right. Actually, I have 12 00:00:41,720 --> 00:00:44,080 Speaker 2: to say everyone's here in Paris, not only because we 13 00:00:44,080 --> 00:00:47,320 Speaker 2: have thirty heads of state here at talking about finance 14 00:00:47,360 --> 00:00:51,840 Speaker 2: and sustainability and how to tackle poverty, which is really 15 00:00:51,880 --> 00:00:54,160 Speaker 2: spearheaded by the President of France, but also there was 16 00:00:54,200 --> 00:00:57,360 Speaker 2: fashion Week, and it does seem that every American actually 17 00:00:57,360 --> 00:01:01,000 Speaker 2: in Europe has decided to descend on Paris. Congratulations first 18 00:01:01,000 --> 00:01:03,480 Speaker 2: of all creating so much buzz, not only around some 19 00:01:03,520 --> 00:01:06,280 Speaker 2: important tackles, but actually parasit is buzzing a little bit 20 00:01:06,319 --> 00:01:09,000 Speaker 2: ready today, but you know it's back with vengeance. 21 00:01:09,400 --> 00:01:11,920 Speaker 3: What are you trying to achieve at this conference. 22 00:01:11,959 --> 00:01:15,119 Speaker 2: Are we're talking about money transfer, debt forgiveness or keeping 23 00:01:15,120 --> 00:01:17,440 Speaker 2: the momentum to really try and do a new Bretton 24 00:01:17,480 --> 00:01:18,120 Speaker 2: Woods agreement. 25 00:01:18,800 --> 00:01:23,640 Speaker 4: I think the key purpose is to keep the momentum 26 00:01:23,680 --> 00:01:27,919 Speaker 4: and to have a new financial architecture for the post 27 00:01:27,959 --> 00:01:30,959 Speaker 4: countries of the world with cleisent PACON. We don't want 28 00:01:31,040 --> 00:01:33,800 Speaker 4: to post countries in the world to be confronted to 29 00:01:33,880 --> 00:01:40,360 Speaker 4: a choice between fighting against extreme poverty and fighting against 30 00:01:40,520 --> 00:01:44,160 Speaker 4: climate change. We want to provide all the financial means 31 00:01:44,200 --> 00:01:47,560 Speaker 4: for those countries to be efficient in the fight against 32 00:01:47,600 --> 00:01:51,080 Speaker 4: poverty and in the fight against climate change. This is 33 00:01:51,120 --> 00:01:53,560 Speaker 4: the key purpose of this summit, and I think that 34 00:01:53,640 --> 00:01:57,120 Speaker 4: the key point to key purpose would be to define 35 00:01:57,280 --> 00:02:00,800 Speaker 4: a new financial architecture for the two first century. 36 00:02:00,840 --> 00:02:03,800 Speaker 2: The Minister, are you frustrated that it's taking this much time? 37 00:02:03,840 --> 00:02:06,120 Speaker 2: And the Chinese premiers here? Which is a great coop 38 00:02:06,120 --> 00:02:10,000 Speaker 2: because we haven't actually seen US officials and Chinese officials 39 00:02:10,040 --> 00:02:12,440 Speaker 2: at this high level in a room together talking about 40 00:02:12,480 --> 00:02:13,840 Speaker 2: these issues. 41 00:02:13,840 --> 00:02:16,239 Speaker 3: But you've tried to push also voting rights on the ISLD. 42 00:02:16,320 --> 00:02:17,960 Speaker 3: How's that going? Big? 43 00:02:18,040 --> 00:02:22,000 Speaker 4: Things need a long time so I'm not frustrated. I 44 00:02:22,040 --> 00:02:24,760 Speaker 4: think that we are totally totally determined. We spent on 45 00:02:24,840 --> 00:02:28,800 Speaker 4: Bacon to have a final positive outcome for this summit. 46 00:02:29,560 --> 00:02:31,600 Speaker 4: I think that we are moving on the right direction. 47 00:02:31,800 --> 00:02:35,360 Speaker 4: As far as debt restructuring is concerned. We want to 48 00:02:35,400 --> 00:02:38,560 Speaker 4: move faster, we wanted to move quicker, but I think 49 00:02:38,600 --> 00:02:41,560 Speaker 4: that we could have a positive outcome as far as 50 00:02:41,680 --> 00:02:45,600 Speaker 4: the depth of Zombia and Skidonka is concerned. It is 51 00:02:45,680 --> 00:02:49,040 Speaker 4: really quite good news to have the Chinese Prime Minister 52 00:02:49,360 --> 00:02:52,600 Speaker 4: here in Paris today talking with all the head of states, 53 00:02:52,880 --> 00:02:55,920 Speaker 4: talking with the Secret Regionity, and this is really, I 54 00:02:55,960 --> 00:02:59,880 Speaker 4: think a very positive outcome. We also have a new 55 00:03:00,040 --> 00:03:03,400 Speaker 4: residents of the World Bank, and we are defining a 56 00:03:03,480 --> 00:03:07,399 Speaker 4: new role for the multility role development banks providing more 57 00:03:07,480 --> 00:03:10,440 Speaker 4: money for the powerst country. So really things are moving 58 00:03:10,600 --> 00:03:14,799 Speaker 4: in the right direction and the final outcome must be positive. 59 00:03:15,080 --> 00:03:17,720 Speaker 2: I mean, I imagine that in the corridors they talk 60 00:03:17,760 --> 00:03:20,560 Speaker 2: about trade, they talk about the fact that Secuary Blincoln 61 00:03:20,680 --> 00:03:24,080 Speaker 2: was in China, the fact that we have president with 62 00:03:24,120 --> 00:03:25,800 Speaker 2: a rap roschman with the US. 63 00:03:25,880 --> 00:03:27,720 Speaker 3: What does this mean for global works. 64 00:03:27,760 --> 00:03:31,680 Speaker 4: I think it's good news because we all want to 65 00:03:31,720 --> 00:03:38,480 Speaker 4: improve the relationship between the three continents between China, the US, Europe. 66 00:03:38,960 --> 00:03:42,880 Speaker 4: We are totally determined to defend on economic interests in Europe. 67 00:03:43,240 --> 00:03:46,440 Speaker 4: You know that the new participle which is now at 68 00:03:46,480 --> 00:03:49,600 Speaker 4: the core of the European future has been defined by 69 00:03:49,720 --> 00:03:53,640 Speaker 4: President Pacon and it is sovereignty. Sovereignty means that we 70 00:03:53,760 --> 00:03:58,920 Speaker 4: want to defend or technological assets or economic interests while 71 00:03:58,960 --> 00:04:02,040 Speaker 4: talking with China, but being aware that there is a 72 00:04:02,120 --> 00:04:06,880 Speaker 4: necessity to really have all the necessary tools to defend 73 00:04:06,920 --> 00:04:07,920 Speaker 4: our academic intructs. 74 00:04:08,160 --> 00:04:11,320 Speaker 2: Menster given a high inflation, interest rates rising, I mean, 75 00:04:11,360 --> 00:04:14,880 Speaker 2: the economy is extremely complex. Do we need to attract 76 00:04:15,280 --> 00:04:18,440 Speaker 2: in Europe and friends, specifically more Chinese investments? 77 00:04:18,560 --> 00:04:22,880 Speaker 4: Yes, we are open to Chinese investments in France. We 78 00:04:23,320 --> 00:04:27,880 Speaker 4: had yesterday a very foot full discussion between Prime Minister 79 00:04:28,080 --> 00:04:31,760 Speaker 4: of the Chinese Republic and the key CEOs of the 80 00:04:31,839 --> 00:04:35,880 Speaker 4: French economy, and we made very clear that there is 81 00:04:36,120 --> 00:04:40,120 Speaker 4: any willingness of the Chinese government to invest more in 82 00:04:40,120 --> 00:04:44,200 Speaker 4: France and more in Europe, for instance on the evs, 83 00:04:44,360 --> 00:04:49,719 Speaker 4: on the electric batteries. We are welcoming those investments. 84 00:04:50,360 --> 00:04:52,600 Speaker 2: We have a lot of US viewers at this time 85 00:04:52,800 --> 00:04:56,280 Speaker 2: in the day would they worry that actually that investment 86 00:04:56,320 --> 00:04:56,840 Speaker 2: that could have. 87 00:04:56,760 --> 00:04:58,919 Speaker 3: Gone to the US is going elsewhere, including Europe. 88 00:04:59,120 --> 00:05:02,120 Speaker 4: Oh, I think that's you know, climate change means a 89 00:05:02,200 --> 00:05:05,560 Speaker 4: lot of new investments in green hydrogen, in batteries, in 90 00:05:05,680 --> 00:05:09,320 Speaker 4: evs and so on, solar panels, so there is place 91 00:05:09,760 --> 00:05:13,479 Speaker 4: for everybody. We should just be very conscious in the 92 00:05:13,480 --> 00:05:18,800 Speaker 4: way we are defending our technological assets and technologies or 93 00:05:18,880 --> 00:05:24,000 Speaker 4: key technologies. But anyway to fight against climate change will 94 00:05:24,120 --> 00:05:27,840 Speaker 4: pave the way for new investments and new innovations. And 95 00:05:27,839 --> 00:05:30,359 Speaker 4: this is a really good thing that we have footbook 96 00:05:30,440 --> 00:05:34,960 Speaker 4: talks and constructive talks between the US, the EU and China. 97 00:05:35,080 --> 00:05:35,560 Speaker 3: A ministry. 98 00:05:35,600 --> 00:05:37,720 Speaker 2: How difficult is it to be in charge of finances 99 00:05:37,720 --> 00:05:40,040 Speaker 2: of a country at a time where infrastrates are going up. 100 00:05:40,320 --> 00:05:44,520 Speaker 2: Inflation of course is going up, which leads higher interest rates. 101 00:05:44,520 --> 00:05:47,000 Speaker 2: But at the same time we need to do economies 102 00:05:47,440 --> 00:05:49,839 Speaker 2: because of huge deficits across the world, which. 103 00:05:49,720 --> 00:05:53,040 Speaker 4: To kind of fine tuning, I would say, which means 104 00:05:53,080 --> 00:05:56,279 Speaker 4: that work. Yeah, no, just to find tuning, which means 105 00:05:56,520 --> 00:05:59,279 Speaker 4: that the key priority is to get rid of inflation 106 00:05:59,839 --> 00:06:02,680 Speaker 4: and to bring the prices down. This is to keep 107 00:06:02,680 --> 00:06:05,960 Speaker 4: priority for the household. Of course, then you have to 108 00:06:06,000 --> 00:06:08,960 Speaker 4: take into account the necessity to come back to some 109 00:06:09,160 --> 00:06:13,440 Speaker 4: public finances. I just announced last Monday that we would 110 00:06:13,520 --> 00:06:17,839 Speaker 4: cut in public expenses by ten billion euros at least 111 00:06:18,320 --> 00:06:21,640 Speaker 4: for next twenty twenty four. So this means that we 112 00:06:21,720 --> 00:06:25,640 Speaker 4: are totally determined to come back to some public finances 113 00:06:25,680 --> 00:06:27,640 Speaker 4: and to stick to the path of reforms. Who just 114 00:06:27,640 --> 00:06:32,080 Speaker 4: introduced two key reforms we form the level market and 115 00:06:32,120 --> 00:06:33,320 Speaker 4: of course the pension reform. 116 00:06:33,360 --> 00:06:35,080 Speaker 2: But given what we heard from the FED and other 117 00:06:35,120 --> 00:06:38,600 Speaker 2: central banks, do you not worry that interest rate hikes 118 00:06:38,640 --> 00:06:41,239 Speaker 2: will be so severe that they'll always have to crush 119 00:06:41,279 --> 00:06:43,600 Speaker 2: economies at least put the mineral session to achieve their 120 00:06:43,600 --> 00:06:44,360 Speaker 2: inflation target. 121 00:06:44,400 --> 00:06:46,600 Speaker 4: That's why it's so important to keep a high level 122 00:06:46,600 --> 00:06:49,359 Speaker 4: of investments and a high level of innovation. If you 123 00:06:49,400 --> 00:06:52,560 Speaker 4: want to avoid recession. You have to find the right 124 00:06:52,720 --> 00:06:57,160 Speaker 4: balance between coming back to some public finances and keeping 125 00:06:57,200 --> 00:07:00,680 Speaker 4: a high level of investments in the fire against climate 126 00:07:00,720 --> 00:07:04,400 Speaker 4: change and of course in defense since we have war 127 00:07:04,680 --> 00:07:08,279 Speaker 4: back on the European soil. This is this balance that 128 00:07:08,320 --> 00:07:10,720 Speaker 4: we want to preserve. You know that we are in 129 00:07:10,760 --> 00:07:14,480 Speaker 4: the process of defining the new rules for the European countries. 130 00:07:14,560 --> 00:07:17,640 Speaker 4: The stability and growth. Fact, we want those new rules 131 00:07:17,680 --> 00:07:21,360 Speaker 4: to keep the right balance between investments and some public finances. 132 00:07:21,360 --> 00:07:22,680 Speaker 3: Do they need to be more flexible? 133 00:07:23,360 --> 00:07:26,280 Speaker 4: We need flexibility. Of course, we need the rules, We 134 00:07:26,320 --> 00:07:29,280 Speaker 4: need all the countries to abide by the rules. But 135 00:07:29,640 --> 00:07:32,720 Speaker 4: let's be very clear, the key factor for the twenty 136 00:07:32,760 --> 00:07:35,920 Speaker 4: first century for Europe is to keep a high level 137 00:07:36,080 --> 00:07:38,160 Speaker 4: of investments in innovation.