Von der Leyen urges the creation of a European industrial plan in response to US aid

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The President of the European Commission is committed to the reindustrialisation and decarbonisation of the continent through common financing, an idea also supported by France

The idea of ​​creating a European industrial fund is gaining traction. This Wednesday, European Commission President Ursula von der Leyen insisted that a European plan is needed to tackle US law to curb inflation, including a million dollar aid to the US automotive sector, and that the Union Union considers discriminatory to its companies.

Von der Leyen already argued in a speech in Bruges on Sunday that the bloc “must act to prevent investment from going across the Atlantic” and invited reflection to “improve and adapt our state aid to the new environment.” In the same sentence, he expressed himself this Wednesday, emphasizing that the law promoted by Washington “could create disruptions”, in favor of American companies, with tax exemptions and production subsidies.

Faced with this situation, the head of the Community Executive has called for the search for “structural solutions” for European industry, which at the same time allow the decarbonisation of the sector. This plan requires “community funding,” he stressed. One way to achieve this would be to tighten state aid rules to ‘make them simpler’.

That same week, French Finance Minister Bruno Le Maire assured that his country will support a European initiative in response to US stimulus of more than €350,000 million. “The best response,” he assured, would be a European plan to “reindustrialize and decarbonise the continent.”

Meanwhile, the bloc continues negotiations with Washington to resolve the law’s “most concerning” points to control inflation in the country. The EU-US work team is also seeking to join forces to address China’s “common challenges”, particularly in the technology sector. “One of the possible solutions could be to create a raw materials club to break China’s monopoly in this field,” says von der Leyen.

Source: La Verdad

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