The European Union should respond to the measures some countries have taken in their own interests, like the US Inflation Reduction Act, EU Internal Market Commissioner Thierry Breton said at a conference in Madrid on Tuesday.
As part of Breton’s second and last day of his official visit to Spain, the Commissioner spoke of the US Inflation Reduction Act, which offers generous fiscal incentives to companies who invest in the US and aims to reduce carbon emissions by 40% by 2030.
“We have to react as we did during the COVID-19 crisis,” Breton said, adding that it is paramount that EU partners ensure that “we all work together to build and design an adequate response” to protect the European industry and maintain a “level playing field, both in the internal market” and globally.
He also proposed to “develop (in Europe) industrial systems comparable to those in the US”.
“It is time to send an important signal to our industry”, he stated, assuring that the Commission will be “present” in that effort with new measures to help the European industry cope with the competition.
Brussels, he said, will propose new legislation on clean technologies to ensure the same type of subsidies for investments is available in Europe and that equal conditions be respected between EU member states.
The Commission will also propose to set up a fund to cover specific needs that may arise, among other measures.
(María Moya | EFE)
Source: euractiv.com
