EU no longer taking a naive stance on #Globalization

| February 15, 2019

“If the EU wants to maintain a favourable environment for investment, which is a source of growth, jobs and innovation, it must also protect key European assets against investments that would harm the interests of its Member States. This will now be possible!” said Franck Proust MEP following the adoption of his Report which plans to put in place a mechanism to screen foreign direct investments into the European Union.

“The US, China, and Canada have filter systems for foreign investment and so have 14 member states. However, there has been no such instrument at EU level thus far. We badly need it as our economies are mutually interdependent and any investment tends to affect European partners too.”

The new Regulation will allow member states and the European Commission to advise on investments taking place in Member States by collecting, analyzing and sharing information on the profile and type of investors. Even if the Member States remain free to take mitigation measures, ban or allow the investment, receiving an alert from allied countries or the Commission will send a powerful signal.

The scope of the future EU Regulation comprises a broad range of technologies and infrastructures from aerospace to food safety, media and e-batteries.

The EPP Group has also successfully fought to obtain that if 1/3 of member states say and justify that an investment represents a threat to their public order or security, the Commission shall make an opinion on the investment. “Without falling into protectionism, it is time to show that the EU is no longer taking a naive stance on globalization. Every state will then be responsible!” concluded Proust.

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Category: A Frontpage, EU, European Parliament, UK EPP