London Daily

Focus on the big picture.

EU’s Vestager: Biden’s green subsidies could face probes in Brussels

EU’s Vestager: Biden’s green subsidies could face probes in Brussels

Brussels’ new tool for cracking down on foreign subsidies could be used to keep Washington’s incentives in check, commissioner warns.
Companies benefitting from the United States’ $369 billion Inflation Reduction Act may be required to notify their subsidies to the European Union’s antitrust enforcers under new EU rules, the bloc's competition boss Margrethe Vestager said Thursday.

Speaking to reporters in Washington, Vestager said that with the EU’s new foreign subsidies regulation, “it is conceivable that subsidies that are given in the United States will be relevant to notify in the EU,” as part of Washington’s huge green subsidy package.

The foreign subsidies regulation gives Brussels powers to screen investments, takeovers or bids funded by foreign states. The European Commission will be able to potentially block firms from dealmaking with governments or public tenders, should they present threats to competition in the European Union.

“Once a subsidy is notified, we will have to do a balancing test: Is this overall good or bad for competition and markets in the European Union?” the EU commissioner said.

“If it's not so good, then we have a toolbox that we can use in order to mitigate the effects on competition,” Vestager added.

The foreign subsidies regulation entered the EU’s rulebooks in January this year. The Commission will be able to start its own investigations into distortive subsidies from July 12. Notification requirements for companies kick in from October 12.
Newsletter

Related Articles

London Daily
0:00
0:00
Close
Scandal in New York: Former Top Health Advisor to Mayor Caught in Hidden Recording Admitting to Hosting Sex and Drug Parties During Peak of the Pandemic
Google Warns the UK About AI Competitiveness
X Social Media Platform Ordered Offline Again in Brazil
Time for a Noodle Tax? Or Just Another Politician Payday?
Kentucky Sheriff Arrested for Fatal Shooting of Judge
Mohamed Al-Fayed Accused of Multiple Rapes
Lebanon Bans Pagers and Walkie-Talkies on Flights After Deadly Blasts
Global Workdays Required to Afford iPhone 16
Greece's Golden Visa: Surge in Indian Investments
Elliott Hill Returns as CEO of Nike
Keir Starmer Defends Using Corporate Box at Arsenal to Cut Security Costs
Labour Faces Significant Challenges in Upcoming Scottish Elections
Crucial Talks on Workers’ Rights Between Ministers and Union Leaders
UK Faces Dilemma Over ICC Arrest Warrant for Netanyahu
Severe Traffic Disruption on M25 Due to Lorry Fire
Consumer Confidence Drops Significantly Ahead of Upcoming Budget
Keir Starmer Confirms Leadership Amid Sue Gray Pay Controversy
Sexual Assault Allegations Against Mohamed Al Fayed
Israel Destroys 1,000 Hezbollah Rocket Launcher Barrels
Biden to Meet Zelenskyy at White House on September 26
Tragic Explosions in Beirut Linked to Conflict Escalation
Trump Unveils New Cryptocurrency Venture Amidst Campaign
Meta Introduces New 'Teen Accounts' for Instagram Users Under 18
OpenAI Advances with New AI Model 'o1'
One in Five GPs Use AI for Daily Tasks
Italy’s Approach to Reducing Irregular Migration: A Model for the UK?
NGOs Condemn Home Office's £15m Offer for Deportee Resettlement
Sue Gray's Salary Sparks Controversy Among Labour Advisers
Navigating Fashion: UK Leaders' Spouses in the Media Age
Top UK Food Firms Criticized for High Emissions
Keir Starmer Pressured to Select Outsider for Top Civil Service Role
British MPs and International Organisations' X Accounts Hacked
Diddy Charged with Racketeering and Sex Trafficking
X Update Enables App to Bypass Brazil Ban, Say Internet Providers
Delta Airlines Sets Strict Wardrobe Guidelines for Flight Attendants
Norway Achieves Milestone in Electric Vehicle Adoption
Hezbollah Hit by Explosive Pagers in Lebanon
Ex-Soldier Describes Trump Assassination Suspect's Troubled Ukraine Stint
The Observer, World's Oldest Sunday Newspaper, Up for Sale
JPMorgan in Negotiations with Apple Over Credit Card Partnership
Ghislaine Maxwell's Sex-Trafficking Conviction Upheld by Appeals Court
Will the Blind Commander-in-Chief Lead Blind Voters into War?
Hillary Clinton Suggests Jailing Americans for Posting “Misinformation”
El Salvador's Bold Move: President Bukele Declares End to External Debt Reliance, Thanks to Bitcoin
Startup Nation Unleashes Cyber Mastery: Hezbollah’s encrypted pager devices began simultaneously, exploding across Lebanon, including in Damascus. Initial reports estimate around 1,000 casualties so far.
Patient Controls Amazon's Alexa Using Brain Implant
Murdoch Family Legal Feud Could Alter Fox News' Future
US Diplomat Condemns Racism Against Indian Americans
Amazon Mandates Full Return to Office for Employees
Starmer Interested in Italy's Albania Asylum Plan: Meloni
×