Divided, the Twenty-Seven struggle to live up to the American challenge
DECRYPTION – Joe Biden’s massive subsidies for greening the American economy could siphon off 25 billion euros of investment from the Old Continent, according to preliminary estimates from the Brussels Commission.
It has been six months since the promulgation of the Inflation Reduction Act (IRA) has triggered an alarm signal among Europeans about the future of their industry. Joe Biden’s massive subsidies for the greening of the American economy (369 billion dollars), aimed at attracting relocations in energy or the automobile, could siphon 25 billion euros of investments from the Old Continent, according to preliminary estimates by the Brussels Commission. Since then, decisions to set up sites across the Atlantic have multiplied, volkswagen To Northvolt Or You’re herein the automobile, batteries or solar panels.
After reacting like rabbits caught in the headlights of a car, the Europeans first tried to appease Joe Biden, before preparing their response, announced this Thursday in Brussels. Emmanuel Macron, then Bruno Le Maire in tandem with his German counterpart Robert Habeck, before Ursula von der Leyen, the President of the Commission…