{"id":130193,"date":"2019-09-02T03:10:18","date_gmt":"2019-09-02T03:10:18","guid":{"rendered":"https:\/\/www.bnreport.com\/europes-last-line-of-defense\/"},"modified":"2019-09-02T03:10:18","modified_gmt":"2019-09-02T03:10:18","slug":"europes-last-line-of-defense","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/europes-last-line-of-defense\/","title":{"rendered":"Europes last line of defense"},"content":{"rendered":"

Fortress Europe isnt taboo any more.<\/p>\n

Europes top civil servants are warning that its time to switch to a more defensive industrial strategy if the European project is to survive a perfect storm of external threats such as U.S. President Donald Trump on one side, and internal powder kegs like French populist leader Marine Le Pen on the other.<\/p>\n

European Commission officials, in an unusually frank 173-page memo of what they want to be the priorities of incoming President Ursula von der Leyen, have mapped out a new approach of generous public funding<\/a> for industry, more loopholes<\/a> in competition rules and stricter trade defenses<\/a>. That is music to the ears of France and Germany, and chimes perfectly with their ambitions of forging \u201cEuropean champions\u201d to compete with American and Chinese rivals.<\/p>\n

The language of the Commission document is stark when it comes to the prospects of survival in an environment where the U.S. and China are pulling global trade back to a lawless era of \u201cmight is right.\u201d The EU officials said they need tougher trade defenses because \u201cthe EU would be very ill-suited to survive in a purely power-based world order.\u201d<\/p>\n

\nFrance and Germany were furious that the outgoing Commission blocked a mega-merger between Siemens and Alstom.\n<\/p><\/blockquote>\n

In an obvious allusion to the rise of anti-EU populists at home, the officials noted that the EUs free-trading agenda often became a \u201cscapegoat for broader social and economic pains.\u201d In response, they stressed that trade policy could play a role in helping to defend the poor by securing \u201ca level playing field\u201d \u2014 a phrase that often refers to restrictions on highly subsidized Chinese companies \u2014 and by increasing trade barriers on countries with lax environmental standards.<\/p>\n

A spokeswoman for the outgoing European Commission dismissed the memo as \u201cdraft internal brainstorming documents\u201d that were not yet \u201cmature\u201d enough to make it to von der Leyens desk.<\/p>\n

The plans are not likely to be put in a drawer and forgotten, however, as they are exactly in line with measures sought by the two powers that really can dictate policy in Europe: France and Germany.<\/p>\n

Franco-German engine room<\/h3>\n

Both France and Germany were furious that the outgoing European Commission of President Jean-Claude Juncker this year blocked a mega-merger between Siemens and Alstom<\/a> that would have created a European rail giant. While Brussels argued the deal would have hiked prices for consumers, Berlin and Paris lambasted the Commission for being na\u00efve about the rise of China and for cleaving to outmoded competition rules.<\/p>\n

With Britain leaving the EU as the blocs strongest advocate of free-trading liberalism, France sees a prime opportunity to take a more protectionist tack during the von der Leyen mandate.<\/p>\n

<\/p>\n

The construction site for the boring of the main tunnel of the Turin-Lyon high-speed railway, TELT | Emanuele Cremaschi\/Getty Images<\/p>\n

Frances Economy Minister Bruno Le Maire, who was one of the leading voices calling for an overhaul of EU rules after the veto on Alstom-Siemens, told POLITICO: \u201cThe EU needs to think big and protect its interests.\u201d<\/p>\n

When asked about what the priorities should be for the next five years, he said: \u201cWe are at a turning point for the European project. With the new Parliament and Commission, we have an opportunity to redefine priorities and make radical changes. On the economic front, we both need to be more competitive globally, generate more growth and jobs, whilst also providing greater protection to our citizens.\u201d<\/p>\n

Somewhat unusually, that kind of language has also emanated from Germany and its all-powerful business lobby, the BDI,<\/a> in recent months. The doctrine of picking winners is back. German Economy Minister Peter Altmaier, who has also stressed the need for a new approach to building European champions, has laid out plans for special state support for key industrial sectors such as cars, machinery, medical technology, 3D printing, aerospace and defense.<\/p>\n

Nervous Nordics<\/h3>\n

Rather than strengthening Europe, however, there is also a risk that a Franco-German lurch toward more dirigiste<\/em> policy could open some faultlines in the EU, particularly with Nordic and Benelux nations that are traditionally more closely allied to the free-trading British camp.<\/p>\n

Finlands Trade Minister Ville Skinnari stressed thatRead More \u2013 Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fortress Europe isnt taboo any more.<\/p>\n

Europes top civil servants are warning that its time to switch..<\/p>\n","protected":false},"author":1,"featured_media":130194,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-130193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nEuropes last line of defense - Business News Report<\/title>\n<meta name=\"description\" content=\"Fortress Europe isnt taboo any more. 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