EU reconstruction fund and budget adopted

In the wake of the corona virus pandemic, the European heads of state and government decided on a €750 billion Euro corona rescue package in mid-July. Of particular importance to LANXESS are the new EU sources of income to refinance the EU Commission's borrowing. These are to comprise various taxes and levies in the coming years. One example is the carbon border adjustment tax, which is intended to make the current carbon leakage protection measures as superfluous. The actual taxes and charges should be carefully designed so that they do not run counter to the actual goal of reconstruction and impair the competitiveness of European companies. For this reason, LANXESS views the border adjustment mechanism rather critically. However, the agreed reconstruction fund and budget also offer many new opportunities to strengthen locations, research and innovation projects in order to secure them internationally.