Reuters

November 13, 2021 10:59 IST

Updated: November 13, 2021 11:03 IST

Reuters

November 13, 2021 10:59 IST

Updated: November 13, 2021 11:03 IST

“We really need to avoid a subsidy race, a race that leaves everyone poorer off,” Vestager said in a speech at the University of Leuven, warning taxpayers would have to fund this.

Europe’s antitrust chief, Margrethe Vestager.   | Photo Credit: Reuters

“We really need to avoid a subsidy race, a race that leaves everyone poorer off,” Vestager said in a speech at the University of Leuven, warning taxpayers would have to fund this.

The United States and the European Union must avoid a subsidy race as they rush to support semiconductor production amid a global chip shortage, EU Competition Commissioner Margrethe Vestager said on Friday.

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"We really need to avoid a subsidy race, a race that leaves everyone poorer off," Vestager said in a speech at the University of Leuven, warning taxpayers would have to fund this.

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"In the present circumstances, it may be a temptation too hard to resist for companies to try to play governments out against one another, scanning the landscape to see who will pay more - the risk, of course, is letting taxpayers, whether European or American, pick up the bill and getting maybe very little from that investment," she continued.

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Printable version | Nov 13, 2021 11:03:43 AM | https://www.thehindu.com/sci-tech/technology/us-eu-must-avoid-subsidy-race-amid-chip-shortage-eus-vestager/article37467884.ece

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