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Free AccessMNI EXCLUSIVE: EU Push For National Champion Industrial Policy
--Draft EU Summit Communique Moots Competition Steps Vs China's State-Owned
Enterprises, EU State Aid
--Draft Also Points to Strengthening Capital Markets Union And Single Market
By David Thomas
BRUSSELS (MNI) - EU leaders look set to endorse key elements of a
Franco-German push for a national champion policy to ensure Europe's status as a
global economic player, according to amended draft conclusions for this week's
Brussels summit seen by MNI.
While the new draft calls for "an assertive industrial policy allowing the
EU to remain an industrial powerhouse", it also contains a nod to the Hanseatic
and Nordic grouping, which promotes a more open and free trade approach.
Both France and Germany are pushing for longer-term changes to the EU's
traditionally consumer- and market-focused competition policy in the wake of the
Commission's controversial decision to block the merger of engineering giants
Alstom and Siemens. The two countries want to promote EU companies capable of
competing with their Chinese and U.S. counterparts at the global level.
The draft calls on the Commission to come up with a "long-term vision" for
the EU's industrial future by March next year along with "concrete measures to
implement it".
But the draft communique also calls for "further steps" to be taken to
deepen Capital Markets Union and to strengthen and deepen the Single Market.
One EU official said the communique synthesised the "free and fair trade
approach", balancing the aims of both the Hanseatics and of Germany and France.
The conclusions also strengthen language calling for a rapid start to talks
with the U.S. on industrial tariffs, as reported by MNI on Monday, indicating
that Germany's case for an early start to those talks may be gaining traction
among EU leaders. France in contrast had been said to want to delay the talks
until after the May 22-23 European elections.
The draft says "necessary steps should be taken for the rapid
implementation of the U.S.-EU Joint Statement of 25 July 2018."
The leaders also call for "fair competition" in trade both within the EU
and globally.
The draft calls on the Commission to identify gaps in EU law to "address
fully the distortive effects of foreign state ownership"- a clear reference to
China where critics argue that the low cost of capital for state-owned
enterprises distorts competition and creates an unlevel playing field for
private sector businesses and foreign competitors. The Commission is also asked
to look into the distortive effects of state-aid financing within the EU Single
Market.
Such statements have to be seen in the light of growing EU concerns that a
bilateral U.S.-China deal could leave the bloc out in the cold and a belief that
more needs to be done to increase the EU's global economic heft - particularly
at a time when the euro zone economy is slowing sharply and many of its major
export industries have been hit by a series of geopolitical shocks.
ECB President Mario Draghi is due to update the leaders on eurozone
economic developments on Friday morning.
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: M$E$$$,M$X$$$,MC$$$$,MI$$$$,MT$$$$,MX$$$$,MFX$$$,MGX$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.