Chancellor Karl Nehammer (ÖVP) is in favor of deregulation of the economy. New thinking is needed in the European Union, he said on Thursday in the run-up to the second day of the EU summit in Brussels. Nehammer also advocates: European capital for the European market.
The Chancellor wants to get rid of “the bans, towards innovation-friendliness, research-friendliness and deregulation”. A draft summit declaration by EU Heads of State or Government envisages a 25 percent reduction in reporting requirements. This is “a start,” but we must “go further,” Nehammer said. “Only when there is a free economy, there are jobs, and when there are jobs, there is prosperity.”
Nehammer against shared debts
The Chancellor clearly spoke out against joint European loans. “We had to do this one time because of the Covid pandemic.” Now we are “still paying high interest on debt,” which in turn limits the ability to trade.
Nehammer hopes that EU heads of state can agree on a capital markets union. Billions of European capital would currently flow to other parts of the world and not be invested in European companies.
Nehammer wants ‘fair’ competition
In the planned conclusions, the chapter on the Capital Markets Union calls for harmonization of the insolvency and tax laws of EU Member States. A more centralized European supervision of the financial market is also proposed. However, a number of states have already expressed their concerns about this in advance.
When asked about his position on this, Nehammer said: “The most important thing is that we deal with how we can now strengthen the European market so that there are fair conditions of competition.” In this context, existing free trade agreements between the EU and other regions of the world should also be considered. “We are currently experiencing that the European market is often flooded in a very one-sided manner and that companies are coming under pressure.”
Source: Krone
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.
