Klingbeil's Vision for a Stronger EU Economy: A Modern Budget and Unified Strategy

German Finance Minister Lars Klingbeil advocates for a modern EU budget that invests in infrastructure, energy, and security. He urges a unified approach to boost the European economy, including a 'Buy European' strategy for critical components and better integration in defense and trade sectors.

In a significant address, German Finance Minister Lars Klingbeil urged for a more modernized EU budget, emphasizing infrastructure improvements across borders, energy networks enhancement, and fortified external border security. His six-point plan aims to revitalize the EU economy, advocating a 'Buy European' approach, notably for advanced semiconductors.

Klingbeil highlighted the urgency of Europe taking decisive action, warning that inaction could lead to Europe's diminishing relevance on the global stage. Under Chancellor Friedrich Merz, Germany seeks to play a pivotal leadership role within the EU, amid changing global dynamics, including a less engaged United States and the ongoing conflict in Ukraine.

Moreover, Klingbeil pressed for expedited trade agreements with partners such as India and Mercosur, influenced by past U.S. tariff policies. He also advocated for a 'Savings and Investment Union' to boost private capital and criticized fragmented national approaches for complicating the EU's single market, stressing the need for labor mobility and recognition of professional qualifications.

(With inputs from agencies.)