The head of Germany's powerful BDI industry federation launched a vitriolic attack on the US fiscal stimulus yesterday, saying aid to the motor industry amounted to a “car war” that could distort competition to the detriment of Europe.
“What the US is doing right now is highly problematic in terms of competition. One day we in Europe will wake up with a big headache because of it,” Hans-Peter Keitel told the FT in an interview.
“Under normal circumstances, we would heavily attack what they are doing as competitive distortions. If Daimler, for instance, had received anywhere near the amount of money General Motors is getting, we would have a car war in Europe and overseas.”
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