defend principles
Europe must defend its interests in the face of an impending subsidy race with the US, Le Maire said. In some cases, subsidies offered by the US government are four to ten times the maximum state support allowed by the European Commission. For France alone, investments of ten billion euros and thousands of industrial jobs are at stake. The EU must uphold its principles of open but fair world trade, based on rules and reciprocity.
“New Geopolitical Universe”
Taking into account the German Chancellor’s trip to China Olaf Scholz (SPD), Le Maire urged the EU to take a joint stand. If Europe is to remain one of the three great economic powers of the 21st century, the 27 EU countries must speak with one voice to China, from great power to great power, from EU market to Chinese market.
Despite the recent discord, Le Maire provided the Franco-German partnership out of question. “We are entering a new geopolitical universe and the Franco-German partnership must find its way into this reality.”