Unilateral action, protectionism not answer to world challenges, says Merkel. Macron appeals for inclusive, sustainable globalization. Macron and Merkel are ready to reshape globalisation and correct the mistakes of the past….reports Asian Lite News
German Chancellor Angela Merkel criticised the philosophy of isolation and protectionism in addressing common challenges worldwide here on Wednesday.
When delivering a special address at the World Economic Forum’s 48 Annual Meeting, which kicked off Tuesday, Merkel underlined that “Germany is a country committed to finding multilateral solutions.”
“Unilateral action and protectionism are not the answer,” she added.
Focusing on European issues particularly, Merkel urged closer cooperation in the EU in order to solve problems in Europe.
“Brexit has almost encouraged us to concentrate on the big issues,” she added.
Specifically, Merkel called on more actions on digitalisation rather than “debating philosophical issues”, saying that it was too slow in EU to decide how to deal with big data, which has made Europe lag behind.
“We now have to re-oriented economic policies, creating a digital single market,” she pointed out, reminding that Europe is under great pressure due to the presence of large American companies.
In addition, Merkel also called for efforts to tackle with fractured capital market by establishing capital markets union, as well as completing banking union, so as to weather the crisis at early stage.
French President Emmanuel Macron has appealed for inclusive and sustainable globalization while addressing participants of the ongoing annual World Economic Forum.
“Economic growth is not an end in itself, it is a means to an end,” said Macron on Wednesday. “The search for economic growth has sometimes let us forget what people are prepared to accept in order to achieve it,” which is related to today’s globalization crisis.
“Globalization must make sense to people and improve their lives. Otherwise we will see a new generation of nationalists and extremists,” Macron warned at the meeting held under the theme of “Creating a shared future in a fractured world”.
He said the world was fractured due to a less equitable growth. Multilateralism has been undermined and many people have attacked international institutions such as the World Trade Organization, saying they have alternative solutions.
“We saw what happened when we adopted a non-cooperation approach between governments,” the President said.
In terms of trade, Macron said: “We are moving towards greater protectionism … We’re undoing what globalization has been able to achieve.
“Unless we are able to cooperate, we will not be able to take advantage of our comparative advantages. Those who don’t want to move forwards should not block the most ambitious in the room.”