The President of the Council of the EU, Charles Michel

Michel believes that large investments are needed from the EU in response to the US subsidy package.

(Photo: dpa)

Brussels, Berlin The European response to American Inflation Reduction Act (IRA) takes shape In an interview with the Handelsblatt and other European newspapers, EU Council President Charles Michel outlines a four-point plan that is intended to form the basis for the EU summit on February 9.

“The IRA is a massive government aid program,” Michel said. That is why the EU must now take its own future into its own hands. “2023 will be a crucial year to set the course for the next ten years.”

The US law, which went into effect earlier this year, provides $369 billion in tax rebates and subsidies for green technologies. Politicians in Europe fear that local businesses may migrate to the US given the generous subsidies.

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