To compete with Chinese and American companies, Europe needs to be able to retain private capital and inject it into strategic projects. The Capital Markets Union (CMU) may be the solution, according to the President of the European Council, Charles Michel, who referred to the CMU as a possible European equivalent of the American ‘Inflation Reduction Act’ (IRA), at a press conference with former Italian Prime Minister Enrico Letta on Wednesday 17 April. The latter has been asked by EU...