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Macron wants European response to U.S. IRA to amount to 2% of GDP

Macron wants European response to U.S. IRA to amount to 2% of GDP
© Reuters. French President Emmanuel Macron attends a news conference, during the Informal EU 27 Summit and Meeting within the European Political Community at Prague Castle, in Prague, Czech Republic, October 7, 2022. REUTERS/Leonhard Foeger/File Photo

PARIS (Reuters) – French President Emmanuel Macron said on Thursday Europe needed an urgent response to the U.S. Inflation Reduction Act to ensure a future for its industry and welcomed the mandate given to the European Commission to come up with a plan early next year.

“When you have two superpowers massively subsidise some sectors, you could decide not to do anything, to respect the rules and the purity of (free-market) doctrine … but nothing much will be left (in Europe) in the end,” Macron said.

He said Europe’s response, via national and EU instruments, should amount to about 2% of its output.

“It’s not by opening our market more that we will get there,” he said, in response to a question about a possible trade deal with the United States.

Source: Investing.com

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