Summary
It seems intuitive for European countries to implement Bidenomics: using less Russian fossil fuel and changing to clean-energy looks like keeping national security. The Eurozone’s economy is suffering: Germany fears its automobile industry losing to electric cars from China and America, some countries suffer inflation over 10%, rapid ageing happens, high debts are created, and autocracies have emerged. The IMF estimates the euro-zone economy would grow by only 0.7% in 2023, which is three times slower than the growth rate of America.
Countries such as France, England, and Germany are trying to use Bidenomics. That is, they are subsidizing green energy.
However, this wastes money and encourages companies to fight for subsidies, not customers. It’s also difficult to implement in other countries because their economic systems are different.
In fact, these countries do not need this policy. The Russian invasion has not caused much damage. The EU already has a unified carbon-price, set in the 2000s. It helps companies reduce emissions.
The EU should aim for a green single market. It should restrain state aid, letting carbon prices increase. It should allow free trade. Fixing infrastructure for free usage of green technology would also be useful. America has been more committed to markets. The country is not an example to follow, rather it is a deviation.
Vocabulary
loggerhead: a thick-headed or stupid person; blockhead.