The US Inflation Reduction Act: How the EU is affected and how it should react

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Publication Date 17/10/2023
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The US Inflation Reduction Act, aimed at promoting the production and adoption of clean energy, came into effect at the beginning of 2023. This column assesses the impact of the Act on the European Union (EU). The main conclusion is that the volume of the Act appears small, as will be its aggregate macroeconomic effects, especially for the EU. The EU should focus on rethinking its industrial policy doctrine and, given the sizeable energy price differential with the US, reducing the costs for energy in Europe.

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