Philipp Lausberg is a senior policy analyst at the European Policy Centre think tank and has expertise in EU economic governance, energy policy, industrial policy and the single market. Georg Riekeles is an associate director of the European Policy Centre and served as diplomatic adviser to EU chief negotiator Michel Barnier during the four years of Brexit negotiations with the UK.

The European Commission’s proposals for the EU’s next long-term investment budget were quickly overshadowed this summer by Ursula von der Leyen’s dog days-deal with President Trump, pledging €600bn of European investment in the US.

The signalling could hardly be worse, at a time when Europe is failing to mobilise sufficient capital for its own transformations and vast amounts of EU savings are alrea

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