The French president assured that the initiative he proposed would not apply to existing state debt PARIS, February 10. /TASS/. A common loan for EU countries for future projects would allow them to counter the dollar's hegemony, as global markets seek alternatives to the American currency, French President Emmanuel Macron said in an interview with Le Monde. "The global market is increasingly afraid of the American currency and is looking for alternatives, so we need to offer it European debt.