EU to adapt state aid schemes in response to U.S. subsidy package

Bank of England raises key rate by 50 bps to 4%; suggests peak rates by mid-year

EU to adapt state aid schemes in response to U.S. subsidy package - von der Leyen

Economy Dec 04, 2022 14:05

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EU to adapt state aid schemes in response to U.S. subsidy package - von der Leyen

BRUSSELS (Reuters) - The EU will adapt its own state aid rules to prevent an exodus of investment triggered by a new U.S. green energy subsidy package, the bloc's chief executive said on Sunday.

"Competition is good... but this competition must respect a level playing field," European Commission President Ursula von der Leyen said in a speech in the Belgian city of Bruges.

"The (U.S.) Inflation Reduction Act should make us reflect on how we can improve our state aid frameworks and adapt them to a new global environment," she added.

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