There will be a massive subsidy campaign to allow European industry to stay here. America’s deflationary legislation has fueled fears that businesses will move to America. ‘Many politicians fear a subsidy war,’ says Europe correspondent Stephen de Vries.
Thanks to deflationary legislation, it will become more attractive for companies to locate themselves in the US. According to De Vries, Europe is busy finding the answer. “For example, French President Macron has already organized a dinner where big companies have been invited to stay here.”
In Brussels, the main focus is now on funding to offset US subsidies. ‘Van der Leyen already mentioned it in September,’ says de Vries. He said that ‘a kind of sovereign fund should help companies to invest in Europe and go green’.
Swearing in church
That funding was like swearing at the church in some member states. “In liberal member states like Germany and the Netherlands, people are certainly in favor of an open market, but we are now faced with the fact that the world is increasingly locked down,” says de Vries.
Read more Brussels and the U.S. in economic conflict
In America, it is about a collection of more than 370 billion. De Vries doubts European integration is imminent. “It’s like comparing apples to oranges, because America is definitely a country. But if you take into account all the national programs of the EU countries, Europe comes very close to that amount.’
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