Berlin: Germany and France on Tuesday called for creating a new coordination framework comprising major economies of the European Union to bolster the competitive capability of the bloc economy and confront the increasing challenges facing Europe. During his meeting with his French counterpart Roland Lescure, German Minister of Finance Lars Klingbeil highlighted that the current phase requires the deepest collaboration among the EU's major economies, emphasizing the need for more effective mechanisms to support growth and investment in the European economy.
According to Qatar News Agency, Klingbeil noted that he issued a joint invitation to his counterparts in Poland, Spain, Italy, and the Netherlands to participate in a virtual conference launching a forum uniting the six countries to debate accelerating and strengthening European ambitions in competitiveness, financing, currency stabilization, and supply chains. This is in addition to coordinating defense spending. He clarified that the proposal aims to bring together the EU's largest economies in a flexible operational framework to address crises.
For his part, Lescure asserted that strengthening the competitive capability of Europe is no longer an option, but rather an imperative amid the cascading global competition. He pointed out that the pitched framework can help reduce the gap between Europe and the other major economies and help Europe's economic independence.