Brussels insists on the need to create a sovereign wealth fund to boost European industry

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The European Commission is determined to provide a common response to the US green subsidies law, without entering into a “trade war”

The European Commission continues to defend that the Union is Europe’s best weapon. Also in terms of strategic autonomy and the competitiveness of its industry, two areas of work that the Twenty-Seven have set as priorities in the context of the war in Ukraine. Economy Commissioner Paolo Gentiloni urged on Tuesday that the European response to the US government’s law on green industry subsidies must be “common”, with the creation of a sovereign wealth fund. All this without unleashing a “trade war” with Washington.

“The scale must be European, you can’t just react at the national level,” he stressed, adding that the continent “must strengthen its competitiveness” vis-à-vis the US. his side this week stressed the importance of strengthening the internal market before amending state aid rules to address the energy crisis and US law.

The President of the European Executive, Ursula von der Leyen, spoke this Tuesday at the Davos Economic Forum to highlight the decisive moment Europe is in. “We are experiencing massive industrial, economic and geopolitical changes,” he acknowledged, which also presents an opportunity for the energy transition. “In the coming decades, we will experience the greatest economic transformation of our time,” he stressed. To achieve this, Europe must “act first” by strengthening investment and innovation.

European autonomy in raw materials such as lithium will also be decisive. “We are currently too dependent on China. We need to diversify supplies and move away from monopolies,” von der Leyen said. An example is the consequences of Europe’s excessive energy dependence on Russia, something that has benefited the Kremplin since the beginning of the invasion of Ukraine.

Source: La Verdad

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