Political News Hubb
Advertisement Banner
  • Home
  • News
  • Political
  • Contact
No Result
View All Result
  • Home
  • News
  • Political
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Political

Dutch PM Rutte wants EU to play it frugal in face of mega US subsidies – POLITICO

admin by admin
January 25, 2023
in Political



Don’t inject fresh money into the European Union — just reform national policies, says Dutch Prime Minister Mark Rutte.

That’s the best way to prevent EU industry from getting wiped out by U.S. companies under Washington’s major new green subsidies scheme, Rutte told a group of journalists at the office of the Dutch embassy to the EU in Brussels on Tuesday.

“There’s so much money at this moment in the system,” Rutte said shortly after meeting with European Commission President Ursula von der Leyen and Belgian Prime Minister Alexander De Croo. He also argued for deeper reforms, stressing how some European countries spend so much on their pension systems — “all money you cannot spend on innovation and green tech.”

Rutte is often viewed as the key leader of the so-called “frugal” group of European countries, comprised of like-minded fiscally conservative nations. The group, which also includes Denmark and Sweden, has been reluctant to increase national contributions to EU coffers — at least until the coronavirus pandemic forced them to partly adjust that line.

The discussion among EU decision-makers on how to preserve the bloc’s industrial base is taking place ahead of a meeting of EU leaders next month as the U.S. moves to roll out a $369 billion industrial subsidy scheme to support green industries under the so-called Inflation Reduction Act.

The U.S. legislation has stoked fears about consequences for European industry and sparked calls to revisit rules on state aid. Another concern is that such subsidies put the EU’s single market at risk by conferring an outsized advantage to countries with larger fiscal capacity, such as Germany, which have more space to financially maneuver.

Rutte, who was recently in Washington to visit U.S. President Joe Biden, said: “There are a number of consequences to this Inflation Reduction Act (IRA) — but unintended.” The IRA “forces us to think about how we organize ourselves” to remain competitive, he added.

On the one hand, he sees U.S. attempts to meet climate targets as a positive development. On the other hand, he pointed to risks to having a level playing field, like with electric mobility. “Companies might shift investments from the EU to the U.S.,” he said, parroting a much-repeated fear.

But EU subsidies should remain unaltered, Rutte argued. Regarding calls to adapt to the IRA by changing EU aid rules, he conceded: “I can accept some changes as long as they are limited.”

Rutte was clear on his belief that no fresh EU money should be put on the table. “I mean, not grants, but even not loans,” he said. “There’s so much still around” — for example loans in the Recovery and Resilience Facility, the centerpiece of the EU’s pandemic recovery plan.

A draft of the text that leaders would seek to agree on at their upcoming European Council meeting hints at opening up new sources of EU funding. The draft, seen by POLITICO, makes calls “to take work forward building notably on the success of the SURE programme,” referring to the EU’s loans-based program to support employment floated by Rome and others.

Rutte stressed that he would not like to see this proposal in the text, which will be discussed by EU ambassadors on Wednesday.

On the question of whether he’d be in favor of a new SURE program, “My answer would be that we have serious doubts,” he said.

Barbara Moens contributed reporting.





Source link

Tags: Business and competitionCarsClimate changeElectric vehiclesEmissionsIndustrial StrategyIndustryInnovationInvestmentMark RutteProtectionismRenewable EnergySingle MarketState aidThe NetherlandsTradeUnited States
Previous Post

US school warned three times boy had gun before shooting: Lawyer | Crime News

Next Post

Republicans Thrown For A Loop As Poll Shows Biden Classified Docs “Scandal” Is A Flop

Next Post

Republicans Thrown For A Loop As Poll Shows Biden Classified Docs "Scandal" Is A Flop

Recommended

Eric Swalwell Has The Perfect Response To Greg Abbott’s Shameful Christmas Abandonment Of Migrants In Washington. D.C.

1 month ago

Coup attempt in Brazil condemned by leaders from across the globe : Peoples Dispatch

3 weeks ago

Several NGOs suspend work in Afghanistan following Taliban order banning female employees  : Peoples Dispatch

1 month ago

Who repped who in the Jan. 6 probe: A look at the frequently used witness lawyers

4 weeks ago

Trump Lied And Hid Nuclear Secret Documents From The DOJ

5 months ago

Liz Truss to be Britain’s next prime minister after defeating Rishi Sunak – POLITICO

5 months ago

Political-white-vertical

© 2022 Political News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Political
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Political
  • Contact

© 2022 Political News Hubb All rights reserved.