Particular attention needs to be paid to the automotive and steel industries, among others, so that they remain resilient and competitive in a global market and a challenging geopolitical environment, the European Council concluded during its 23 October meeting in Brussels.
“In this regard, it welcomes the recent [European] Commission proposal to protect the European steel sector from unfair impacts of global overcapacity,” the Council statement notes.
The Commission proposed earlier this month a new trade measure to replace existing safeguards, which aims to reduce quota volume by 47% and raise the out-of-duty quota to 50%, but does not encompass steel derivatives (see Kallanish passim). The legislation must be approved by the European Council and Parliament before it is enacted into law.
“It welcomes the Commission’s intention to take forward the review foreseen under the Regulation on CO2 emissions performance standards for cars and vans, and calls for the swift presentation of this proposal, taking into account technological neutrality and European content,” the Council adds.
The Council has also called for an urgent stepping up of efforts to secure the supply of affordable and clean energy and build an Energy Union before 2030, including by leveraging the new Energy Union Task Force. “This will require ambitious electrification using all net-zero and low-carbon solutions, and investment in grids, storage and interconnections at national and EU level,” it notes.
“In light of the negative impact of high energy prices on the global competitiveness of European industries, on the Union’s strategic autonomy and on European households, the European Council calls on the Commission to accelerate work aimed at lowering energy prices and supporting sustainable energy production in the Union,” it adds.
Adam Smith Austria
