PARIS – The leaders of France and Spain joined forces in Barcelona on Thursday to call for a “proactive” response to Washington’s multi-billion-dollar green subsidy package, after signing a friendship and cooperation treaty.
Speaking at a press conference, French President Emmanuel Macron said that France and Spain had a “similar convergence of viewpoints” on when the European Union should respond to subsidies under the United States’ so-called Inflation Reduction Act, which many in Europe have fear of theirs would create unfair competition for businesses on the continent.
Macron said, “We are both aware of the fact that we need to react in a very proactive way… We need a real Made in Europe strategy and tools that are very easy to use for our companies.”
France is pushing EU capitals to loosen rules on state subsidies and create an EU sovereign fund to promote green industries across the continent, amid fears that US incentives could drive investment away from Europe. Will give
Echoing Macron’s words at the press conference, Spanish Prime Minister Pedro Sánchez said Europe was “facing a critical moment” because of the war in Ukraine and “trade decisions taken by our allies.”
A joint statement issued with the treaty said that France and Spain “defend an ambitious strategy [must] be implemented quickly to guarantee the competitiveness of our economy.
“France and Spain support fast, agile and effective solutions to accelerate and streamline existing tools and funds, including Next Generation” – the EU’s COVID recovery scheme – “a more ambitious European industrial policy,” the statement said. towards”.