Germany, France suggest reforms in EU’s economic policies

German Economy Minister Robert Habeck and his French counterpart Bruno Le Maire published a draft concept jointly on Thursday calling for reforms to European Union economic policy.

The two ministers called for the cutting of red tape and the stimulation of greater economic growth over the next five years.
Research into artificial intelligence (AI),
biotechnology, and aerospace needed to be stimulated, they said.

The defence sector needed to be boosted, along with greater cross-border cooperation.

Investment from the European Investment Bank (EIB) was needed here, Habeck and Le Maire said.

While the concept calls for rapid conversion of the energy sector away from fossil fuels, Germany and France are taking divergent approaches, with Paris relying on nuclear power and Germany having shut down all its nuclear power plants.

The two countries nevertheless pledged to work together to find common ground to achieve the EU’s climate and energy targets.