Plans for attachments V Europe reviews the series transnational corporationsbecause the administration’s new Inflation Reduction Act (IRA), which includes provisions for a record $369 billion in climate and energy policy funding, has made the US a magnet for business, according to its publication. moneyreview.gr. Many big names in the international business arena, including (California-based) car maker Tesla, Swedish battery maker Northolt, Irish chemical giant Linde, German Volkswagen and Italian energy giant Enel, have all expressed interest in using the new law in the US under which green grants are given to companies. The IRA, of course, raised serious competition issues within European companies and among political actors, while the Commission only outlined its response to attract and retain business.

“European companies prefer to have a gift from the US government to the ‘punishment’ of European authorities,” Evangelos Mytilenaios told CNBC this week, referring to the European bureaucracy, which is also the president of the European steel industry. Eurometals. In this context, when asked about the possibility of moving some of Mytileneos’ activities to the US, he said: “Possibly. Unfortunately, this is an opportunity not only for our company, but for many.”

“European companies prefer to have a gift from the US government rather than a ‘punishment’ from European authorities,” said Evangelos Mytilinaios, president of Eurometaux.

At an event for graduates of the London School of Economics, as K wrote, Evangelos Mytileneos spoke out sharply against the EU. who, he said, pushed for sustainable development and green transition policies without assessing whether European economies and societies could sustain them. “We have not given the necessary importance to the security of supply, and now both Europe at the institutional level and its societies are in despair and danger. Thus, at the moment, the existence of European industry, along with jobs in it, is under threat,” he emphasized. The EU, which “has turned from an institution of solidarity into a field of compromises, mostly symbolic compromises that have nothing to do with real society and the economy,” writes K. Seeing no solution, Brussels – to a large extent – continues to implement certain initiatives, as if if it were “business as usual,” Evangelos Mytileneos said as he gave the seal of the policy he would follow as president of a major European industrial association, he added: “I’m not going to get involved in that approach to things. I intend to use my term to to put everything up for discussion and to ensure that our positions, our proposals are heard dynamically, th we want to make European industry the protagonist again.”

It is still too early to assess the scale of the outflow and loss of profits from Europe as a result of US policy. However, it is already clear that business in Europe needs additional support. In early February, Commission President Ursula von der Leyen said the time had come for “a simpler and faster regulatory framework”. He presented a green plan that includes loosening state aid rules, redirecting EU funds, speeding up the approval of green projects and stepping up efforts to improve skills and secure trade deals. The goal of the plan, she said, is not only to make Europe competitive with the US, but also to make it independent of China, according to moneyreview.gr. “We are competitive. What we want is to have a level playing field in the global competitive field,” von der Leyen said in her speech. However, there are fears that Europe is in no hurry to respond. Maria Demerzi, deputy director of the European think tank Brueghel, said that the IRA is structured in such a way that it is very simple in the first place, and economy always wins. “On the contrary, the mechanisms of the European Union are much more complicated,” he added. In closing, Ms. Demertsi said that “EU. I realized that I had to do more to compete internationally.”