EU OPPOSES BAILOUT

EU opposes car subsidies race


Kroes urged governments to avoid 'the costly trap' of a subsidy race [AFP]



Europe's competition commissioner has cautioned Germany and France against starting a race with the US to subsidise the car industry.

Car manufacturers around the world have said that the economic fallout from the financial crisis is taking its toll on sales, leading to job cuts.

"I ask all governments to avoid the costly trap of a subsidy race," Neelie Kroes, the European Union competition commissioner, said in a speech on Friday. . ..NEWS ITEM--ALJAZEERA.NOV 22-08

"We have all heard calls, particularly in France, Germany and the United States, for support to be given to the car industry.

"All governments have to resist that."

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