The European Commission expects more information from Spain on the country’s funding package for the automotive sector before approving it, a spokesman said on Monday.
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“All I can say at this stage is that we’re looking for further information on this plan from the Spanish authorities … We apply the same (competition) criteria to all,” commission spokesman Jonathan Todd told a regular briefing, according to Reuters.
Spain on Friday approved a EUR4bn (US$5.17bn) package to support its ailing car industry and protect jobs after a string of layoffs and stoppages at vehicle plants. It said the support package was the second largest in Europe in terms of funding.
France has offered a EUR6b state loan for Renault and PSA Peugeot-Citroen, running into criticism from the EU, who said the move amounted to protectionism, while Britain and Germany have also announced support for their auto industries.
Most of the measures approved on Friday by Spain had been previously announced as part of its EUR70bn economic stimulus plan, the report noted.
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