Macron aspires to lead Europe

Emmanuel Macron aspires to be Europe’s foreign policy chief [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. Emmanuel Macron, for better or worse, has become Europe’s loudest voice on international affairs. Not everyone is happy, but there is no doubt that the French president has occupied a space left vacant by the departure of Angela Merkel and has [inserted himself into the center]( of critical debates, from how to contain Russia to speaking truth to power to Israel. He suggested French boots on the ground in Ukraine in an apparent bid to leave Russia guessing about Europe’s operational strategy in the region. In a frank conversation with Israeli Prime Minister Benjamin Netanyahu, he said the forced transfer of people from the southern Gaza city of Rafah would constitute “a war crime.” One may accuse Macron of posturing, and critics will point out that when it comes to money for Ukraine, for example, France has been much less forthcoming. As Ania Nussbaum and Natalia Drozdiak write, Macron’s role has created bewilderment in the European Union over who actually speaks for the continent, even as he has taken on an increasingly influential role in policy debates in Brussels. It’s becoming increasingly clear that Europe is at a crossroad, with Russian troops advancing in eastern Ukraine and an upcoming American election. Call it a stunt, but Macron’s black-and-white photo of him re-enacting Robert de Niro as a world champion boxer in Raging Bull made a splash and sent an unsubtle message to Putin, who’s fond of striking his own macho poses, in a language the Russian president can understand. The jury is out if Macron’s provocations are the push Europe needs to meet the demands of a more hostile modern world, or if he’s accelerating schisms in a transatlantic alliance that has held together for 75 years. Or if Macron, who famously compared himself to Jupiter, is just letting his ego get in the way.—[Richard Bravo]( Macron with Brazilian President Luiz Inacio Lula da Silva and Chief Raoni Metuktire, leader of the Kayapo people, during a visit yesterday to Combu Island, near Belem, Brazil. Photographer: Alessandro Falco/Bloomberg Global Must Reads While Putin continues to argue that Ukraine may have had a role in the Moscow attack that killed 139 people, some of the Russian president’s own [inner circle]( disagree. There’s no evidence of Ukraine’s involvement, according to sources with close ties to the Kremlin, who said officials were shocked by the failure of Russian security services to prevent the attack that was claimed by Islamic State. The US and its allies have committed costly hardware to stopping the Houthis from attacking civilian freighters and warships in the Red Sea. But as [this in-depth report shows](, the effort is having little success, and the world’s biggest shipping companies are still largely avoiding a route that once carried 15% of global commerce. An F/A-18 Super Hornet fighter jet takes off from the USS Dwight D. Eisenhower aircraft carrier on March 19. Photographer: Christopher Pike/Bloomberg President Xi Jinping met with a group of executives from American companies including Blackstone, Qualcomm and FedEx as Beijing [tries to restore confidence]( in the world’s second-biggest economy. Whipsawing tensions with Washington, a shaky economic recovery and raids on consulting firms have damped investor enthusiasm. The Netherlands made its name and its economic fortune as an open, free-trading nation. Yet recent laws to reduce tax benefits for expatriates and a bill that would cap the number of foreign students allowed to study in the country have set off alarms at companies that rely on international talent. As Sarah Jacob and Cagan Koc write, the election victory of anti-immigration populist Geert Wilders [has supercharged those concerns](, in a development that could be a harbinger of what’s to come across Europe. Donald Trump has surged up the ranks of the world’s richest people, with the former US president’s fortune [vaulting to $7.2 billion]( thanks mainly to the debut in trading of his social media company. But as Erik Larson, Tom Maloney and Stephanie Lai write, the legal woes of the presumptive Republican presidential nominee and veteran of numerous bankruptcies and failed business ventures are threatening his finances. The number of “civilian casualties is far too high, and the amount of humanitarian aid is far too low” in the Gaza war, US Defense Secretary Lloyd Austin [said in a blunt welcome]( to his Israeli counterpart at the Pentagon yesterday. Five Chinese nationals and one Pakistani were killed in a suicide bomb blast in Pakistan’s northwest Shangla region yesterday, the [latest attack targeting workers]( and projects associated with Islamabad’s key ally and investor. Argentine President Javier Milei plans to fire 70,000 government workers in the coming months in a clear sign of how the [libertarian intends to slash]( the swollen state. Washington Dispatch With the House and Senate in recess until early April and the presidential primaries over, Washington has entered an unusual interval of relative calm that’s certain to be fleeting: Like a runner pausing to catch their breath. President Joe Biden returned from a campaign trip to North Carolina yesterday as his administration closely monitored the response to the [collapse of the Francis Scott Key Bridge]( in Baltimore. The disaster will remain a top priority in the days and weeks ahead, and Biden said he planned to visit Baltimore “as quickly as I can.” Trump has nothing on his public schedule until next week, when he holds a rally in Green Bay, Wisconsin. But the first trial resulting from criminal cases brought against him begins in less than three weeks in New York. Members of Congress may have left Washington, but much unresolved business awaits them upon their return. For instance, House Speaker Mike Johnson faces a festering dilemma over assistance to Ukraine. Although many lawmakers support it, any affirmation by Johnson could well trigger an attempt by hardline Republicans to oust him. And the Senate must take up the House’s impeachment of Homeland Security Secretary Alejandro Mayorkas. One person to watch today: Treasury Secretary Janet Yellen will speak at a solar cell manufacturing plant in Norcross, Georgia. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day The catastrophic consequences of the collapse of the 1.6 mile-long bridge in Baltimore [are set to stretch out for weeks](. Transportation of as much as 2.5 million tons of coal, hundreds of cars made by Ford and General Motors, and lumber and gypsum is threatened with disruption. And Finally Polish central bank Governor Adam Glapinski’s erratic approach to timekeeping, even on rate-setting decision days, is [one of many unusual habits]( observed by insiders who spoke to Bloomberg about what goes on behind the scenes. As he fights an existential battle against a probe by the new government’s lawmakers, who accuse Glapinski of politicizing his office and running roughshod over bank processes, there are signs he may be starting to lose the support of some colleagues. Adam Glapinski. 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