Emmanuel Macron

Eurobonds have returned to the spotlight after Emmanuel Macron revived the debate last week, calling for increased joint EU borrowing to boost the European economy.

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The French president has often argued the EU will need billions in fresh funding as the bloc faces mounting competition from China and the United States and invest massively in defence and advanced technologies.

Macron is leading a group of countries that argue no single member state can meet these challenges alone. Instead, they argue it would be more effective to raise funds collectively on financial markets, unlocking billions of euros for shared European projects.

A growing number of economists and central bankers — including the typically cautious Deutsche Bundesbank — have also voiced support, noting that joint borrowing could reduce financing costs.

However, countries opposed to further debt, led by Germany, argue that eurobonds will only increase the EU’s debt load, while ignoring the real issue of declining productivity.

So, what happens next? Euronews explains:

What are eurobonds?

In the EU context, eurobonds means joint debt issued by EU institutions and backed collectively by member states. This means the responsibility to repay it is shared, with risk pooled across the bloc, and the additional debt does not impact national balance sheets alone, which is useful for the most indebted member states.

With a top-tier, AAA credit rating, they would be considered a safe asset, underpinned by the combined guarantees of EU countries. This could allow governments to borrow at a lower cost compared and thus pay less interests to creditors.

Eurobonds are intended to help finance major long-term investments, including infrastructure, the green transition and defence, where the EU will have to raise and spend billions of euros in a plan titled Readiness 2030.

The EU has already made use of joint borrowing through its €750 billion recovery plan, NextGenerationEU, agreed in 2020 in response to the COVID-19 pandemic, and Brussels agreed that it was successful. Still, it insists it was a one-off.

More recently, the idea was revived by Mario Draghi in his 2024 report on European competitiveness. The report argued that joint EU borrowing would be needed to mobilise an additional €800 billion in annual investment if the bloc is to remain competitive globally. A part of it would be private funds, but public investment would be needed too.

Who supports eurobonds — and who opposes them?

The debate over eurobonds has divided the EU for decades, stretching back to the euro zone’s sovereign debt crisis.

Fiscally conservative countries — including Germany, Netherlands, Austria, Finland and Sweden — often referred to as the “frugals”, have traditionally opposed joint borrowing.

They argue it could weaken fiscal discipline and leave more prudent countries exposed to the debts of others. Nonetheless, the need to massively rearm has eased some of the opposition from the Nordic countries which are open to it as long as it goes into defence.

By contrast, southern member states such as France, Greece, Spain, and Portugal have generally supported the idea, seeing it as a way to unlock investment and share financial risks across the bloc. Italy under Giorgia Meloni has played this both ways, saying it sees the benefits while trying to build a close rapport with Germany.

Emmanuel Macron has been among the most vocal advocates in recent months. Speaking at an informal EU summit in February, he called for the creation of a joint borrowing capacity for future investment. His proposal was quickly rejected by Germany.

But still, the French president has not given up on the idea, and by reviving the plan for eurobonds, he is looking to place the debate high on the agenda ahead of a June summit of European leaders.

Paris and Berlin did, however, work together in 2020. Emmanuel Macron and then-German chancellor Angela Merkel played key roles in pushing through the EU’s pandemic recovery fund, although Berlin insisted at the time that the measure was temporary.

Her successor, Friedrich Merz, has taken a firmer stance. Speaking on 24 April, he said that higher debt and the issuance of eurobonds were “out of the question” from a German perspective.

Who will pay for eurobonds?

As a form of collective debt, eurobonds would be repaid jointly by all 27 EU member states, with responsibility shared across the bloc.

The EU has already taken a similar approach with its €750 billion recovery instrument, NextGenerationEU. The repayments should begin in 2028, which kickstarts the next EU’s long-term budget through 2034, which is currently under negotiation in Brussels.

The deadline for the full repayment is 2058.

Some countries, led by France, have called for repayments to be delayed or refinanced through new joint borrowing. Macron said a quick reimbursement in the current context would be “idiotic” and the EU should not rush repayments at the expense of future investment.

Kyriakos Mitsotakis has made a similar case, questioning whether repaying the recovery fund now would reduce the EU’s budgetary capacity at a time when demand for European bonds remains strong.

How are discussions around eurobonds going in Brussels?

Eurobonds have so far gained little traction in Brussels.

They were briefly referenced in a preparatory note by the European Commission ahead of a 16 February meeting of euro-area ministers. However, the issue was not taken forward at the subsequent Eurogroup meeting in March.

“There is a divergence in appetite regarding eurobonds,” Eurogroup President Kyriakos Pierrakakis said at the time.

In recent months, Eurogroup discussions have instead focused on the fallout from the conflict in Iran, particularly its impact on European energy prices, as well as broader efforts to boost competitiveness and advance Capital Markets Union legislation.

For now, diplomats say momentum is limited.

“I don’t see a lot of appetite on eurobonds at this stage, and indeed it’s not being really discussed for now,” one EU official told Euronews.

What happens next?

The Eurogroup is due to meet again on 22 May, and EU leaders will gather for a summit in Brussels in June.

No major Eurogroup discussions on eurobonds are currently foreseen, and Macron’s endorsement is unlikely to change the agenda, diplomats told Euronews.

Part of the reason is the EU’s focus on the impact of the conflict in Iran on energy prices — a major concern for the bloc’s economic outlook. The firm opposition of Friedrich Merz is also weighing heavily on the debate.

However, eurobonds are likely to remain on the agenda for EU leaders, with further backing expected in the coming months.

April 7 (UPI) — Two French people held in Iran for nearly four years have been allowed to leave the country and return home, French authorities announced Tuesday.

“Cécile Kohler and Jacques Paris are free and on their way to French territory, after three and a half years of detention in Iran. This is a relief for all of us and obviously for their families,” French President Emmanuel Macron said on X. “Thank you to the Omani authorities for their mediation efforts, to the State services, and to the citizens who mobilized tirelessly and thus contributed to their return.”

The couple, both teachers, were convicted of espionage after a trial the French government said was “completely unfounded” and “arbitrary.”

Kohler, 41, is a high school literature teacher, and her partner, Paris, is a retired teacher in his 70s. They were arrested during a tourist trip to Iran in 2022. They were imprisoned in the Evin prison, which is where political prisoners and dissidents are kept.

They were allowed four consular visits over the three years after their arrest. French Foreign Minister Jean-Noël Barrot said their conditions were like “torture.”

Kohler and Paris were convicted in 2025 of spying for French intelligence services, conspiring to undermine Iran’s national security and cooperating with Israeli intelligence services. Kohler was sentenced to 20 years in prison, and Paris was sentenced to 17, the French government said.

After intense negotiations, a month later they were released but couldn’t leave Iran. They moved into the French Embassy in Tehran.

Their families and friends have rallied for them over the years and kept their images with the word “freedom” posted on the gates of the French National Assembly and other ministry buildings.

Once the war in Iran began, French authorities intensified negotiations with Iran to get the pair out of the country. They wouldn’t disclose if anything was given to Iran in exchange, The New York Times reported.

Macron announced the release at a health summit in Lyon. He said they were “free and on their way back to France. This is wonderful news,” The Times reported. When the announcement was made in the National Assembly, lawmakers stood and applauded.

Barrot announced on X that Kohler and Paris “have finally left Iran and are now permanently FREE. On the phone just a few moments ago, they expressed to me their emotion and their joy at soon reuniting with their country and their loved ones.”

They were expected to arrive in Paris on Wednesday.

In March 2025, Iran released French tourist Olivier Grondeau, who was held for two years of a five-year sentence for spying. His family had said he was a passionate fan of Persian poetry and was on a tourist visa as part of a world tour.

President Lee Jae Myung said Friday he and French President Emmanuel Macron agreed to work together to secure the safe passage through the Strait of Hormuz and mitigate the broad impact from the war in the Middle East.

Lee addressed concerns over uncertainties in global energy supply chains following summit talks with Macron, during which the two leaders discussed ways to deepen economic ties and strengthen coordination on security issues.

“President Macron and I agreed to share policy-related experiences and strategies in order to jointly address the economic and energy crises triggered by the Middle East war. We also concurred on working together to reduce uncertainty in the global economy,” Lee said during a joint press announcement.

“We confirmed our commitment to bolstering energy security by expanding our cooperation in the nuclear and offshore wind power sectors while collaborating to secure safe maritime transport routes through the Strait of Hormuz,” he added.

Lee said the two leaders also agreed to boost trade and investment with a goal of reaching $20 billion in annual bilateral trade by 2030, up from $15 billion last year.

To boost cooperation across sectors, the two sides signed a series of memorandums of understanding (MOUs) and other documents.

They pledged to expand cooperation in advanced technologies and future industries — including artificial intelligence, semiconductors and quantum technology — and to establish a ministerial-level joint committee on science and technology.

The two countries also signed a letter of intent on cooperation in critical mineral supply chains, aimed at combining South Korea’s manufacturing capabilities with France’s processing technology and infrastructure.

The state-run Korea Hydro & Nuclear Power signed MOUs with French nuclear firms, Orano and Framatome, as well as a separate MOU with France’s EDF on a joint development of an offshore wind power plant in the southwestern city of Yeonggwang.

Lee expressed hope that the agreements would ensure a stable supply of raw materials for South Korea’s nuclear power plants and lay the groundwork for joint entry into the global market.

He also laid out plans to cooperate in space and defense while pledging efforts to bolster collaboration in the cultural sector in light of an MOU signed between the two nations’ cultural heritage agencies.

During the talks, Lee said he explained Seoul’s efforts to resume dialogue with Pyongyang to promote peace on the Korean Peninsula, while Macron reaffirmed Paris’ support for peace and stability on the peninsula.

“We two leaders shared a profound understanding that peace on the Korean Peninsula has far reaching implications not just in Northeast Asia and Europe but also the rest of the world,” Lee said.

Lee noted that Seoul and Paris have expanded cooperation across a wide range of sectors, including future strategic industries, such as artificial intelligence, quantum technology, space, nuclear energy and defense, and expressed hope to deepen coordination on the international stage.

“As responsible members of the international community, the two countries are also working together to respond to rapid changes in the global landscape,” he said.

Lee said Macron extended a formal invitation to the Group of Seven summit scheduled for June in Evian, France, adding that he accepted the invitation. If he attends, it would mark his second consecutive appearance at the G7, following his participation in Canada last year.

Lee welcomed the two countries’ decision to upgrade ties from “a comprehensive partnership for the 21st century,” established in 2004, to “a global strategic partnership,” calling it “a new milestone” in bilateral relations built on 140 years of trust and friendship.

Macron struck a similar tone, expressing hope to expand cooperation across a broad range of areas, including artificial intelligence, quantum technology, semiconductors, space and culture, under the upgraded partnership.

He said that Seoul and Paris could strengthen security cooperation and work together to help stabilize the situation in the Middle East, including ensuring safe passage through the Strait of Hormuz.

The visit marks Macron’s first trip to South Korea since taking office in 2017 and the first by a French president in 11 years. It comes as the two countries mark the 140th anniversary of diplomatic relations, established with the signing of the Treaty of Friendship, Commerce and Navigation between France and the Joseon Dynasty (1392-1910).

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CHESSY, France — A 118-foot mountain of ice rose over the suburban Paris countryside this weekend as Disney opened its Arendelle kingdom to the world — Elsa’s palace glowing at the summit, a “Frozen” Nordic fishing village below, and the company’s new chief executive standing before a crowd of celebrities.

World of Frozen, an immersive land themed to the blockbuster animated franchise, opened Sunday as a centerpiece of a $2.2-billion transformation at Disneyland Paris.

The transformation renames one of Disneyland Paris’ two parks from Walt Disney Studios Park to Disney Adventure World. The inauguration drew Penélope Cruz, Naomi Campbell and Teyana Taylor.

It is the largest expansion in the 34-year history of Disneyland Paris, and one node in a roughly $60-billion global build-out of Disney’s parks, resorts and cruise lines.

A new CEO’s first stage

It is also the first major international stage for Josh D’Amaro, who took over as Disney’s CEO on March 18 — 11 days before the French gates opened — after nearly three decades in the company’s theme parks division.

The parks-and-experiences business reportedly generated 57% of the company’s $17.5 billion in segment operating income last year, the force that observers say propelled D’Amaro from parks chief to the corner office.

“The Walt Disney Co. was built on one man’s dream, and for more than 100 years we’ve shared that dream with the world,” D’Amaro told the inauguration crowd.

“Storytelling is fundamental to everything that we do, whether that’s on screen or stage, in our theme parks, on our cruise ships, or even at home.”

He called the opening “a transformational moment” and paid tribute to the creative team behind the attraction, including “Frozen” writer-director Jennifer Lee — who are all now at work on “Frozen 3.”

An Associated Press journalist accompanied D’Amaro on the “Frozen” ride Saturday night.

The carriage splashed through water to childlike cheers from riders and laughter from the new CEO as they glided past Elsa singing in the dark. Some stepped off lightly wet.

The evening’s emotional peak came when Lou, an 11-year-old whose wish was granted through Make-A-Wish France, took the stage to sing a few notes of “Do You Want to Build a Snowman?”

A next-generation robotic Olaf walked out to join her. It was the 25,000th wish fulfilled for a sick child at Disneyland Paris since 1992.

A French reversal

On Friday, D’Amaro had stood alongside Emmanuel Macron at the resort.

The French president used the visit to claim the park as a national economic asset, calling Disneyland Paris “the leading tourist destination in Europe” and describing it as “a genuine ecosystem of success.”

Macron said the latest expansion would create 1,000 additional direct jobs.

“Since the beginning, that’s 13 billion euros invested on this territory,” Macron said, a figure equivalent to about $15 billion.

Disneyland Paris says it has recorded more than 445 million visits since 1992, accounting for 6.1% of France’s national tourism revenue.

Macron’s presence underscored a remarkable reversal.

When the park opened as Euro Disney in 1992, French intellectuals derided it as a “cultural Chernobyl.” The president at the time, Francois Mitterrand, dryly derided the new attraction as “not exactly my cup of tea.”

Now a French president was standing in front of cameras calling it an engine of national prosperity.

European roots

“‘Frozen,’ of course, has its roots in European storytelling,” said Michel den Dulk of Walt Disney Imagineering.

“It’s very loosely based on Hans Christian Andersen. So to have a northern European, charming wooden little village here in Disneyland Paris — it just made sense.”

The new Tangled family ride, too, draws from European folklore — the Brothers Grimm’s Rapunzel.

The land re-creates Arendelle around a lagoon, its timber buildings painted in muted Scandinavian pastels, facades adorned with rosemaling, a traditional Norwegian decorative art.

At the center is Frozen Ever After, a boat ride featuring state-of-the-art animatronics and immersive projection effects.

Guests can meet Anna and Elsa inside Arendelle Castle, have a conversation with a responsive baby troll named Mossy who talks back, and watch a lagoon celebration called the Snow Flower Festival — featuring an original song.

Visitors praised the scale of the mountain and the detail of the village, even after delays and minor glitches.

“Despite the wait, it was well worth it. The attention to detail is incredible, and the perspective of the ice mountain is breathtaking,” said Daniel Weber, 41, an architect from Munich, Germany, after the ride Sunday.

“You forget you’re outside Paris. For a few minutes, it really feels like Arendelle,” said Léa Moreau, 27, a graphic designer from Lille, France.

Beyond World of Frozen, the rebranded park brings a vast new lake called Adventure Bay, a Tangled family ride, 15 new dining locations — including the posh Regal View Restaurant — and a nighttime spectacular called Disney Cascade of Lights featuring more than 380 drones.

A Lion King land, already under construction, will follow.

More than 90% of the second park’s offerings will have been redesigned since it opened in 2002, and Disney says the footprint will roughly double once the full transformation is complete.

Disney’s streaming has swung from deep losses to profitability, but the parks remain the company’s most dependable earnings engine — and D’Amaro is the man who ran them.

“We continue to dream bigger and bring stories to life in brand new ways,” D’Amaro told the crowd.

Pyrotechnics lighted up Arendelle Village.

The ice palace on the mountain turned blue.

And 34 years after Euro Disney became a punchline, a brand-new kingdom opened in the fields east of Paris — for the first time in forever.

Adamson writes for the Associated Press.