French President Emmanuel Macron said the two countries agreed the European Union needed to find funds to make green investments in the industrial sector in response to U.S. subsidies for green energy under Washington's $369 billion Inflation Reduction Act (IRA).
"We have a real convergence in the responses we are bringing," Macron said at news conference with Scholz, but offered no concrete details.
German officials say Berlin sees little need for a new sovereign EU fund that
necessary to help European industry make investments to remain competitive against U.S. firms benefiting from generous tax credits under the IRA.