MNI BRIEF: Joint European Funds Best Response To IRA-Gentiloni

The release of additional European Union funds to fund industry would be a proper response to the green subsidies of the U.S. Inflation Reduction Act, and better than separate responses by individual nation states, Europe’s Economy Commissioner Paolo Gentiloni told an event in Milan on Monday.

Purely national initiatives would endanger the common market and European economic unity, he said.

But the “European competitiveness problem” resulting from higher energy prices and differences across states must still be addressed, he said, noting that the IRA was only one factor more. (See MNI: EU Green Deal Seen Tapping Existing Funds, Leveraged)