Germany said Europe should refrain from borrowing more money to compete with U.S. green subsidies or its competitiveness will be threatened.
The EU has been vocal about its concerns over the U.S. Inflation Reduction Act , saying its subsidies to North American car manufacturers breach international trade rules and threaten European businesses. European Commission President Ursula von der Leyen said Sunday "new and additional funding at the EU level" will be needed to make European companies more competitive in the transition to a greener economy."The Inflation Reduction Act of the U.S.
"There are some parts of Ursula von der Leyen initiative which [need] to be further debated, especially her proposal of [a] European sovereignty fund. If that means kind of rebranding of existing tools, I'm open for discussion. If sovereignty funds mean new common European debt, then I think this would not be an improvement of our competitiveness or stability, it would be a threat for competitiveness and stability," he said.
The ideas suggested by the head of Europe's executive arm are still at an initial stage, meaning there are no formal proposals on the table. However, they indicate where the commission believes the bloc should go to be in a better position to compete with the United States.a record $369 billion in spending on climate and energy policies
. The landmark package comprises tax credits for electric cars made in North America and supports U.S. battery supply chains. "We have all heard the stories of producers that are considering to relocate future investment from Europe to the U.S.," von der Leyen said Sunday.
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