BRUSSELS - As the Europe Union rushes to save state-backed companies on the brink of failure, governments risk undermining efforts to upgrade their economies.
Before the coronavirus forced the EU to shutter much of its economy, governments were channeling resources toward electric car batteries, renewable energy and cloud computing as part of a strategy to make the bloc a leader in the low-carbon industries of the 21st century. The question now becomes: will those lofty goals survive the crisis?
But it's not technology firms or clean energy that stand to gain from the biggest industrial bailout in European history. It's the same old industries that formed the backbone of the 20th century labor markets. Ryanair chief executive officer Michael O'Leary said he may sue the EU to stop France and other countries from"selectively gifting billions of euros to their inefficient flag carriers," according to a letter he sent to the EU's competition chief and seen by Bloomberg.
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