EU: Macron Talks Up EU Strategic Autonomy As Essential For Economic Security
Speaking at the European Industry Summit in Antwerp, French President Emmanuel Macron delivers an impassioned address calling for significant changes in the way the EU treats its strategic sectors amid an increasingly fraught geoeconomic landscape.
- Macron reiterates the frequent French claim that there needs to be an EU preference for strategic sectors, with a minimum percentage of EU content for products in these areas (whether it is autos, arms manufacturing, or elsewhere).
- Macron: "I don't believe in [a] naive continent where we are the only one in the world not protecting local producers." Adds that "Protection is the only way to preserve industry in the short term." [Initially, wires reported Macron saying 'protectionism', but this was subsequently corrected]
- Macron specifically raises the issue of Chinese overcapacity as a major threat to EU industries.
- Says that the EU is facing a 'symmetric shock', and that its political and industrial leaders must convey the message "we are in emergency mode."
- These comments align with Macron's interview with seven European newspapers on 10 Feb, where he talked up the 'strategic autonomy' concept that has long been touted by France at the EU level. Macron says, “This is not about closing markets but about the ability to withstand crises and protect the European model,” in the face of economic competition from the US and China.
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US: GOP Senator Murkowski Backs Tillis' Hold On Fed Nominees
Republican Senator Lisa Murkowski (R-AK) has issued a statement on X backing Republican colleague Thom Tillis's (R-NC) opposition to the Department of Justice's criminal investigation into Fed Chair Jerome Powell.
- Murkowski wrote, "After speaking with Chair Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion. If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns—which are not unusual—then Congress needs to investigate the Department of Justice. The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer. My colleague, Senator Tillis, is right in blocking any Federal Reserve nominees until this is resolved."
- Tillis said in a statement earlier that he would use his position on the Senate Banking Committee to derail the confirmation of Powell's yet-to-be-named successor, “I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.” Assuming no Democrats voted in favour of a hypothetical nominee, Tillis's vote would be sufficient to block Trump's nomination from advancing to a confirmation vote.
FED: Second GOP Senator Threatens To Hold Up Fed Nomination Over Powell Inquiry
US Senator Lisa Murkowski (R-AK), posts on X, "After speaking with [Fed Chair Jerome] Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion. If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns—which are not unusual—then Congress needs to investigate the Department of Justice. The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer. My colleague, Senator Tillis, is right in blocking any Federal Reserve nominees until this is resolved."
- In a statement published on 11 Jan, retiring Sen. Thom Tillis (R-NC) said, “I will oppose the confirmation of any nominee for the Fed — including the upcoming Fed Chair vacancy — until this legal matter is fully resolved”.
- When it comes to replacing Powell at the end of his term in May, President Donald Trump's eventual nominee will need to be confirmed in a majority vote in the Senate. With Murkowski and Tillis expressing their intention to hold the process up, it would only take two more Republicans to break ranks to erase Majority Leader Sen. John Thune (R-SD)'s majority.
- Last week, five GOP senators voted with Democrats on a War Powers Resolution vote related to Venezuela. While the issue is entirely separate from the Fed, the fact that Republican leadership cannot be assured of a majority in the Senate on contentious issues presents risks to the administration's plans for the Fed from May onwards.
FED: US TSY 3Y AUCTION: NON-COMP BIDS $205 MLN FROM $58.000 BLN TOTAL
- US TSY 3Y AUCTION: NON-COMP BIDS $205 MLN FROM $58.000 BLN TOTAL
