Italian PM Conte says EU should look at competition rules to build European champions

This post was originally published on this site

MILAN (Reuters) – Italian prime Minister Giuseppe Conte called on Thursday for a rethink of European competition rules that he said could stand in the way of creating European champions capable of competing in global markets in sectors including automobiles.

Conte said Europe needed to step up collaboration to develop new strategic sectors and boost champions in areas like the auto sector, where Italy’s Fiat Chryselr (MI:) and France’s PSA Group (PA:) are preparing to merge.

“We want to grow our European champions, I’m thinking of projects in the automobile sector,” Conte said at a joint news conference with French President Emmanuel Macron in Naples, adding that competition rules should be looked at.

“They were rules developed for the single market but in some case they are evidently not all rules for competing in a global market,” he said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.