The European Union and the US need to work together to ensure the allies have a steady supply of critical manufacturing inputs, according to the EU’s ambassador to the US, Stavros Lambrinidis.
(Bloomberg) — The European Union and the US need to work together to ensure the allies have a steady supply of critical manufacturing inputs, according to the EU’s ambassador to the US, Stavros Lambrinidis.
“We can’t — even if we want — produce everything that we want in house,” Lambrinidis said in an interview on Bloomberg TV on Thursday. “Do we import from our biggest allies in the world, which is each other, or do we retain dependencies on countries that we do not want to be dependent on?”
EU leaders are meeting in Brussels Thursday to discuss the bloc’s response to President Biden’s Inflation Reduction Act, which includes roughly $500 billion in new spending and tax breaks over a decade. The EU is concerned that the law could lure investment from Europe, putting companies on the continent at a disadvantage.
European Commission President Ursula von der Leyen unveiled the Green Deal Industrial Plan last week to boost support for companies through investment aid and tax credits.
“It is the supply chains and the value chains that have to be bolstered as we both try to move to greener technologies,” Lambrinidis said.
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