December 16, 2022, 01:53 – Public News Service – OSN

French leader Emmanuel Macron stated that a European equivalent of the US Inflation Reduction Act is currently being prepared to protect European industry.

As a result of the EU summit in Brussels, the European Commission was given a mandate and European leaders instructed the EC to prepare in a short time the equivalent of the American law to reduce inflation.

According to Macron, the law signed United States, is incompatible with World Trade Organization regulations. He stressed that the French side stands for fair competition rules.

The French President added that European instruments to support industry are being discussed at the moment, however, they need to be made more effective and accelerate their application.

As previously reported by the Public News Service, German Chancellor Olaf Scholz urged not to worsen relations with colleagues from the United States of America because of the law on reducing inflationwhich earlier the head of France Emmanuel Macron called “super-aggressive”.

He stressed that this law should not affect the attitude of the United States of America and the European Union.