The President of the European Council, Charles Michel, is of the opinion that instead of waiting for the outcome of the debate on the creation of new European financial instruments, Europeans should focus their attention on “other very powerful tools”, such as the integration of the Union Capital Markets (CMU), or even the recapitalization of the European Investment Bank (EIB), to strengthen the economic competitiveness of the European Union once morest its foreign competitors.
And he notes that “there is a discussion around the table – the outcome of which I do not want to prejudge – regarding the issue of “Eurobonds”, a joint loan, with arguments for or once morest on the table”.
His positions were set out during an interview, a week before the European Council on Wednesday 17 April and Thursday 18 April, during which he intends to propose to the 27 a “European Pact on Competitiveness”.
“As a Belgian, I am very realistic: it will be very difficult to get an agreement in the short term.” But faced with the United States’ Inflation Reduction Act (IRA), China’s subsidies to its companies, “if we don’t act now, it will be a huge mistake,” he said.
European Council President Charles Michel recommended the implementation of “realistic, practical and massive” tools, underlining the renewed political will at European Council level in favor of the CMU plan.
True to his liberal vision of the economy, Mr. Michel cited several advantages associated with the capital markets union. The President of the European Council is also of the opinion that “sooner or later, the recapitalization of the EIB will be on the table”. However, he did not mention a necessary amount at this stage.
At the end of March, the European Council already asked the world’s largest multilateral bank to adjust its lending policy so that it can lend better to the security and defense sector.
Is the EU entering a ‘war economy’?
Charles Michel called for a paradigm shift in the way Europeans think regarding their economic development. “I think we have to move toward a war economy,” he said, while calling for caution regarding a concept that can scare.
And he praised the complementarity between military and civilian industries: “It’s good for the economy in general. The links between military and civilian industries are real. They are not one at the expense of the other.”
Referring to the internal market reports to be presented to EU leaders by two former Italian prime ministers, next week for Enrico Letta and at the end of June for Mario Draghi, the President of the European Council called for a return to the fundamentals of Europe.
Source: ertnews
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