The U.S. Department of Justice is harsh but realistic. That’s one takeaway from the $2 billion slap it delivered late on Tuesday to Denmark’s Danske Bank , which pleaded guilty to conspiracy to commit bank fraud. It’s a chunky penalty, but could arguably have been higher.
Washington’s $430 billion plan for green energy subsidies has turned up the temperature on the European Union’s simmering debate about picking industrial winners and losers. Politicians across the EU are furious at the U.S. Inflation Reduction Act and its host of provisions which favour domestic suppliers.
That’s given European Commission President Ursula von der Leyen a prime audience for her proposed sovereignty fund, a financing vehicle to help small countries keep up with their bigger and wealthier peers. The lack of specifics so far underscores the precarious nature of her leadership effort, first put forward in September. While EU members would love to loosen the purse strings on industrial assistance, they are leery of handing over more power to Brussels.
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