US President Donald Trump’s threats to annex Greenland acted as an “epiphany moment” for Europe’s six largest economies, prompting them to join forces to accelerate long-stalled financial market reforms, Spain’s Economy Minister Carlos Cuerpo has said.
The newly formed “E6” group, comprising France, Germany, Italy, the Netherlands, Spain and Poland, aims to overcome years of political deadlock that have hampered efforts to build a more integrated, US-style capital market in the EU. Without decisive action, the six countries fear Europe risks falling further behind both the United States and China in an increasingly transactional geopolitical landscape.
Cuerpo said the initiative is designed to bring “politically difficult discussions” to the table and unlock files that have been stuck for years. The group also intends to better coordinate positions ahead of G7 meetings, particularly on strategic issues such as securing access to critical raw materials amid tensions with China.
The E6 has met twice and hopes to present concrete proposals at the next European Council summit. European Commission President Ursula von der Leyen is preparing a roadmap on financial integration, including a proposed “28th regime” — a single EU-wide legal framework to simplify cross-border operations.
Reaction among smaller member states has been mixed. Some fear the E6 could create a two-speed Europe, sidelining smaller countries in sensitive debates, particularly over financial supervision. While the group signals renewed momentum, it will still need broader alliances to push reforms through EU legislative processes.
via Politico
