Macron calls for global compact to harness globalisation

Posted January 29, 2018

"When you arrive here and see the snow, it could be hard to believe in global warming", Macron said to a packed audience of business leaders and politicians.

CEOs or top executives from Coca-Cola, Google, JP Morgan and Alibaba are among those expected.

While a date for the visit has not yet been officially set and the White House has not made an announcement, sources say that could come as soon as this week, while Trump attends the World Economic Forum in Davos.

President Macron said he wanted to "make France a model in the fight against climate change", as one of five pillars in his plans to reform the economy.

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Emmanuel Macron also called on the WEF participants to harness the negative effects of globalization.

Under the rubric of investment and capital, Macron highlighted France's corporate tax rate cuts and capital gains tax refunds, measures, which he said, have accelerated France's recovery and "reinforced France's attractiveness".

Trump was so impressed that he told Macron: "We're going to have to try and top it", adding, "we're actually thinking about Fourth of July, Pennsylvania Avenue, having a really great parade to show our military strength".

Macron spoke out after Trump was quoted earlier this month using profanity to describe African nations and Haiti.

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"This year will be the year where we have to redesign a ten-year strategy for Europe", said Macron.

Macron also called for a more robust International Monetary Fund with a broader mandate that would include regulatory authority over parts of the financial system that now escape regulation - including cryptocurrencies and the shadow banking system.

But much of what is drawing tech firms to Paris predates Macron.

"In France, we correct inequalities with taxes and norms but without preventing them. We can create a lot of jobs with such a strategy", he said.

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