“Competition is good… but this competition must be on equal terms,” said the president of the Commission
The European Union must adjust its state aid rules to prevent an investment exodus due to a new green energy subsidy package in the US, the president of the European Commission said today.
“Competition is good… but this competition must be on equal terms,” said the president of the Commission, Ursula von der Leyenin a speech in the Belgian city of Bruges.
“The (US Inflation Reduction Act) should make us think about how we can improve our government aid frameworks and adapt them to a new global environment,” he added.
The 27-member Union fears that the $430 billion Inflation Reduction Act (IRA). with its generous tax cuts it could attract EU businesses and disadvantage European companies, from carmakers to green-tech manufacturers.
The issue is on the agenda of the EU-US Trade and Technology Council meeting to be held on 5 December.
The meeting will be attended by US Secretary of State Anthony Blinken, Commerce Secretary Gina Raimondo and US Trade Representative Catherine Tye along with European Commission Vice Presidents Valdis Dombrovskis and Margrethe Vestager.
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