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US President Donald Trump's threats to annex Greenland were a "wake-up call" for Europe's six largest economies to come together and accelerate financial market reform, Spanish Economy Minister Carlos Cuerpo told POLITICO.
The new group, dubbed the “E6” in Brussels, is an exclusive club of the EU’s six largest economies — France, Germany, Italy, the Netherlands, Spain and Poland — created to break the political deadlock that has hampered efforts to build a US-style financial market over the past decade.
Without concrete action, these countries fear that the European economy will lag behind the US and China, coming under pressure in an increasingly transactional geopolitical world.
The aim is to put “politically difficult discussions on the table to unblock files that have remained blocked until now,” said Cuerpo, who has long called for EU institutions to be more effective in taking concrete decisions. “Building these bridges could be a good first step towards a comprehensive solution.”
The club will also help coordinate positions ahead of G7 meetings with Canada, Japan and the US on strategic issues, such as securing access to critical rare materials, following China's threats to restrict exports.
The E6 has met only twice and aims to present concrete proposals to EU leaders at the upcoming European Council summit in March.
Critics such as Ireland and Portugal have expressed concern that this club could foster a two-speed Europe, where large countries bypass smaller states that disagree with the E6 agenda, particularly on the creation of a supervisory authority for the bloc's larger finances.
European Commission President Ursula von der Leyen has suggested that EU countries pursue financial integration through “enhanced cooperation” if the Savings and Investment Union does not progress by June.
To focus attention, von der Leyen will present a roadmap with a list of reforms and deadlines. The Commission's first major initiative will be the "28th regime", an EU-wide legal framework that will offer companies unified rules to operate easily across the bloc.
The birth of a supergroup
The spark that led to the creation of the E6 was born during a ministerial breakfast in Brussels in January, when Cuerpo's frustration with the lack of EU action reached its peak.
Trump had rattled the NATO alliance with his demands to “own” Greenland, shortly after the ouster of Venezuelan leader Nicolás Maduro. None of these issues were included in the monthly Ecofin agenda, prompting Cuerpo to react to the lack of political debate on Europe’s relations with the US.
The finance ministers of France and Germany, Roland Lescure and Lars Klingbeil, had discussed the revival of EU economic initiatives the day before. Within a week, invitations were sent for a virtual meeting of the E6 countries.
The latest discussion focused on strengthening rare materials supply chains and rapid progress in deepening the bloc's financial markets, including reducing bureaucracy and implementing the "28th regime."
The next E6 meeting on March 9 will focus on boosting defense investment and promoting the euro on the international stage.
Mixed Reactions
Reactions outside the group have been mixed. Some believe that E6 can bring real change, while others fear that their voices will be silenced in the name of rapid progress.
Portuguese Finance Minister Joaquim Miranda Sarmento called on the six countries to respect EU treaties during the Eurogroup meeting, after Klingbeil briefed colleagues on the E6 discussions.
Legally, at least nine countries are needed to pursue “enhanced cooperation.” To pass legislation, the support of 15 countries representing at least 65% of the EU population is required, meaning the E6 will need allies to advance its objectives.
Meanwhile, Cuerpo calls on skeptical countries to believe in a new approach beyond the traditional Brussels mechanisms.
“There are no red lines in the discussions within this group,” he said. “This should be for the good of everyone.”/ Politico
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