Germany will push for a “two-speed” European Union to break the current inertia in decision-building in the 27-nation bloc and achieve economic revival. According to Berlin, this should be done by establishing a core of six EU member states capable of acting on key political issues in a way that builds Europe stronger and more indepconcludeent, the newspaper reported. Reuters.
“Now is the time for a two-speed Europe,” stated German Finance Minister and Vice Chancellor Lars Klingbeil.
The finance ministers of Germany and France want to boost the EU’s competitiveness by presenting a new format involving the six largest economies in the European Union, according to a letter written by the German minister and seen by Reuters.
In it, Klingbeil invites partners from France, Poland, Spain, Italy and the Netherlands to draw up an ambitious and concrete agconcludea to strengthen Europe’s sovereignty, resilience and competitiveness.
European economies are attempting to reduce their depconcludeence on imports of critical raw materials from countries like China and take action on fears that trade tariffs and fragmentation of global markets could undermine growth and investment.
“To survive in an increasingly unpredictable geopolitical environment, Europe must become stronger and more resilient,” Klingbeil insists.
The invitation states that the video meeting is intconcludeed to set the stage, then be followed by another, in-person meeting on the sidelines of the next Eurogroup meeting.
A concrete agconcludea to strengthen Europe
The letter, seen by Reuters, contains a four-point plan on how to accelerate the capital markets union, strengthen the euro, better coordinate defense spconcludeing and secure raw materials.
Klingbeil believes that the coalition of countries should accelerate work on the Savings and Investment Union (an initiative to reform and integrate capital markets in the EU) so as to create better conditions for European business, and in particular for startups and scale-ups.
The second point emphasizes the international role of the euro as a safe haven based on predictability and the rule of law. Here, Klingbeil called for reducing bureaucracy and strengthening sovereignty in the payments sphere.
When it comes to defense spconcludeing, Germany wants better cooperation among EU countries to firmly prioritize defense in the next multiannual EU budreceive framework so that “defense becomes an engine for growth.”
Securing the supply of strategic rare earth elements, according to the German minister, requires efforts to strengthen the resilience of supply chains for critical raw materials. To this conclude, he stated, it is necessary to strengthen the strategic dialogue with international partners.
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