Italy's Meloni says caution needed on relaxing EU rules on state aid
Reuters
Published Jan 30, 2023 14:59
Updated Jan 30, 2023 15:31
ROME (Reuters) -Italian Prime Minister Giorgia Meloni said on Monday that the European Union should be cautious when it comes to relaxing its rules on state aid for businesses.
The EU said in December it would adapt its state aid rules to prevent an exodus of investment triggered by the $430 billion U.S. Inflation Reduction Act, fearing it might lure away EU businesses and disadvantage European companies.
"Caution is needed on relaxing of state aid rules, the aim should be supporting businesses without risking to weaken the single market," Meloni told reporters after a meeting with European Council President Charles Michel.
Draft conclusions of the EU leaders' meeting scheduled for Feb. 9-10 said the bloc would back new funding for the green industry to counterbalance subsidies in the U.S. and China, as well as more flexible use of existing funds and looser state aid rules.
Meloni, who heads Italy's most right-wing government since World War Two, added the EU should have the courage to create a sovereign investment fund, adding that getting agreement among all 27 member states would not be easy.
"It is important to say we are moving in that direction," she said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.