The French finance minister assures that the EU is able to decarbonise and reindustrialize the continent
French Finance Minister Bruno Le Maire assured this Monday that “the best response” to the US green transition stimulus plan of more than €350,000 million would be to develop a similar initiative at the European level. “Europe has a huge capacity to reindustrialize and decarbonise the continent,” he stressed. He has also defended that innovation should be in the service of that goal and that curbing inflation “must be a priority”.
Le Maire made his statements on joining the Eurogroup this Monday in the session in which Irishman Paschal Donohe was re-elected as president of the Eurogroup. At the same meeting, the euro countries pledged to limit aid to the most vulnerable in 2023. They thus follow the indications of the European Central Bank (ECB) which called for targeted measures aimed at the most deprived, as the general measures -70% of the measures adopted during the energy crisis can keep inflation high. In this sense, the Eurozone has opened up to studied means, such as a two-tier energy pricing model, which will reduce the impact of the increase in energy costs while encouraging a reduction in consumption.
Added to this is European concern about the United States’ Inflation Reduction Act (IRA). In her speech at the College of Europe in Bruges, European Commission President Ursula von der Leyen assured on Sunday that “the EU must act to prevent investment from going across the Atlantic”. The rule promoted by Washington “should make us think about how we can improve our state support and adapt to the new environment,” he said.
He insisted that Europe should “do its homework” to “mitigate competitive disadvantages”. He therefore proposed making government support more flexible, proposing a common industrial policy and more cooperation for the green transition and the production of critical components.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
