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Germany and France Clash Over Eurobonds

Published February 12, 2026, 14:20
Germany and France Clash Over Eurobonds

Germany is rejecting French President Emmanuel Macron's proposal for the issuance of Eurobonds, considering it a distraction from the priorities of the upcoming European Council summit. The German government argues that the main issue is improving productivity in Europe and that investments should be included in the 2028-2034 multiannual financial framework, rather than being funded through a joint debt issuance. German Chancellor Friedrich Merz is promoting a package of proposals focused on deepening the single market, accelerating trade agreements, and reducing bureaucracy. The positions of Berlin and Paris diverge regarding competitiveness, with Macron supporting more protectionist measures, while Merz emphasizes productivity. The disagreement over Eurobonds highlights the different approaches within the EU regarding the financing of investments and the strategy for strengthening European competitiveness. Merz appears to be strengthening his cooperation with Italian Prime Minister Giorgia Meloni, suggesting a possible alliance to promote competitiveness and economic growth.