EU to adapt state assist schemes in response to U.S. subsidy package deal By Reuters

BRUSSELS (Reuters) -The EU will adapt its state assist guidelines to stop an exodus of funding triggered by a brand new U.S. inexperienced power subsidy package deal, the bloc’s chief government stated on Sunday.

“Competitors is nice … however this competitors should respect a degree taking part in discipline,” European Fee President Ursula von der Leyen stated in a speech within the Belgian metropolis of Bruges.

“The (U.S.) Inflation Discount Act ought to make us mirror on how we are able to enhance our state assist frameworks and adapt them to a brand new world setting,” she added.

The 27-country bloc fears that the U.S. $430 billion Inflation Discount Act with its beneficiant tax breaks might lure away EU companies and drawback European firms, from automobile producers to makers of inexperienced know-how.

The subject is one in every of a number of on the agenda of the EU-U.S. Commerce and Know-how Council assembly on Dec. 5.

Members embrace U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo and U.S. Commerce Consultant Katherine Tai, together with European Fee Government Vice Presidents Valdis Dombrovskis and Margrethe Vestager.