French President Emmanuel Macron expressed his support for issuing joint European bonds to finance priorities including the defense and technology sectors in order to ensure the continued sovereignty of Europe amid increasing competition with China and the United States.

BBC reported that Macron said at the World Economic Forum in Davos: "We need more public investment in Europe, so we must open the second phase of reinvestment, just as we did during the coronavirus crisis, and perhaps issue Euro bonds again for priorities."

Macron pointed out that Estonia's proposals regarding Euro bonds for the defense sector and Ukraine are an example of such priorities.

Estonia had proposed the idea of bonds to finance spending on the defense sector last year, according to people familiar with the proposal.

European Council President Charles Michel also raised the idea of defense bonds last November, describing the idea as "serving the common interest."