EU Council President Michel presents a four-point plan against the IRA

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.