Brussels is considering plans to launch a €100bn sovereign wealth fund to finance European industrial champions to compete with US corporate giants such as Apple and Google and China’s Alibaba.
EU civil servants have drafted a plan for a ‘European Future Fund’ financed by member states to invest in strategic sectors where Europe lags global rivals, according to an internal document seen by the Financial Times.
The blueprint is part of a brainstorm of possible initiatives that EU officials have presented to Ursula von der Leyen, incoming president of the European Commission, to take up during her five-year term.
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