Emmanuel Macron

First, you have a question of scale.

I really believe that

Europe is the right approach.

And still in the digital sector, but in a lot of sectors, we are too much fragmented.

So I think the missing point is first scale, not just for the French, but for all the Europeans.

So we have to finalize, to strengthen our single market, to be sure that your domestic market is a 450 million inhabitants market, meaning Europe and not just France.

Second, capital.

In the U.S., you have a lot of capital, a lot of deep pockets, so they invest a lot of money.

And the paradox is that in Europe, you have a lot of savings, much more than in the U.S., but this saving is not properly invested because of too many regulations in the bank and insurance sector and the structure of our financing system, which is unadapted to the tech industry because we are...

the savings are largely channeled towards the bond market or they go outside Europe to search profitability.

And the third point, you mentioned it and I fully agree with you, is probably we have to find more appetite for risk.

More appetite for risk.

You should be much more risk taker.

So scale, money and risk taking mindset.

This is a very good question, in fact.

One year ago, we announced this 109 billion euro investment.

which is a big bunch of money, and we are deploying it, by the way, because more than 60% is already deployed, and we plugged a lot of sites.

It's in order to build data centers.

You're right.

We speak about UAE, US projects.