Austria said on Monday it wants the European Union to suspend its rules on state aid so that Vienna can prop up companies during the coronavirus pandemic without having to seek permission from Brussels.
Austria is one of the self-described ‘frugals’ within the bloc, net contributors to the EU budget that eventually backed a rescue package for member states hardest hit by the outbreak while opposing the idea of mutualised debt, or ‘euro bonds’, to fund it.
Now conservative-led Austria says that in return the bloc should suspend state aid rules aimed at preventing countries from giving firms an unfair advantage, so that it can freely implement its plan to spend roughly a tenth of last year’s economic output on keeping its economy ticking over.
“This solidarity cannot be a one-way street. We also want to be able to show solidarity with our own companies, and we therefore demand that this crisis be used for solidarity in that we suspend the EU state aid regime for the duration of the crisis,” Austrian Finance Minister Gernot Bluemel told a news conference.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI