Michel believes that high EU investments are necessary in response to the American subsidy package.
(Photo: dpa)
Brussels, Berlin The European response to the US Inflation Reduction Act (IRA) is taking shape. In an interview with the Handelsblatt and other European newspapers, EU Council President Charles Michel outlines a four-point plan that is intended to form the basis for the EU summit on February 9th.
“The IRA is a massive government aid program,” Michel said. That is why the EU must now take its own future into its own hands. “2023 will be a crucial year in setting the course for the next ten years.”
The US law, which went into effect earlier this year, provides $369 billion in tax rebates and subsidies for green technologies. Europe’s politicians fear that local companies could migrate to the US given the generous grants.
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