France’s Le Maire Says Europe Lacks Investment to Spur Growth

(Bloomberg) -- French Finance Minister Bruno Le Maire urged Europe to take action to boost growth after fresh data showed the bloc’s biggest economy, Germany, shrank in the third quarter.

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“European growth is too weak, investments are insufficient,” he told reporters in Rome following a trilateral meeting with German Economy Minister Robert Habeck and Italian Industry Minister Adolfo Urso. “We need a European economic awakening.”

Gross domestic product fell 0.1% from the previous three months, Germany’s statistics office reported Monday, citing a pullback in household spending. Preliminary data on Tuesday are expected to show France stagnated. Italy is predicted to post slight growth.

The French minister said European economies are exposed to increasing risks, and that governments need to pursue energy independence through stronger integration.

“Europe invests 10 times less than the US on AI, we need to do more and much faster,” he added.

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