French President Macron is right – global economy could do with new financial pact

French President Macron is right – global economy could do with new financial pact

Efforts to establish a new global financial system is no longer limited to those by emerging economies, as it has been in the past. Many Western countries, led by France, have joined in, which indicates a significant shift and one that will radically reshape global financial and monetary transactions. At a recent Franco-Chinese summit, following a meeting with the Chinese Prime Minister, French President Emmanuel Macron said: “We have developed a roadmap to work on a serious global financial pact.” And adding quite succinctly, “It is necessary to work on reforming international financial institutions.” It is not only about the need to create a new financial system, but also about setting a roadmap between China, the world’s second-largest economy, and France, the second largest economy in the eurozone. The French President emphasised this approach when he simultaneously received Saudi Crown Prince Mohammed bin Salman, stressing that “Saudi Arabia plays an important role in paving the way for a global financial pact.” This means that most countries are moving to change the existing financial system, especially because a unipolar monetary system has become a threat to their economies. Plus, there is the weak independence of other currencies, including major ones, such