Both warned that firms will need to invest on a nearly unparalleled scale to compete. Read more at straitstimes.com.
PARIS – Germany and France warned that European businesses will need to unleash investments on a nearly unparalleled scale to keep from falling behind US and Chinese firms as countries revamp their economies to make them more climate friendly.
The bloc’s leaders will meet next month to discuss their options, one of which is to file a complaint with the World Trade Organisation. But officials in the EU have been growing sceptical that Washington will make meaningful changes and have started mapping out ways to protect European industry. But Mr Scholz has said that he doesn’t think the green push will spark a trade war between the transatlantic allies.The EU’s competition chief Margrethe Vestager has cautioned that too much national support for companies could disadvantage smaller and poorer countries that have less fiscal capacity.
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