Spain Reveals EU Supergroup Plan

Countries are ready to challenge the U.S. and China.

Spain's Economy Minister Carlos Cuerpo has revealed a plan to create a new club of the EU's six largest economies, the "E6". The group includes France, Germany, Italy, the Netherlands, Spain and Poland.

The goal is to accelerate financial market reforms and bring Europe into competition with the U.S. and China, circumventing the EU's political gridlock, writes Politico (translated by Charter97.org).

Querpo said the idea came after the "epiphany" - U.S. PresidentDonald Trump's threats to annex Greenland.

"E6 will make it possible to bring complex political issues to the table and unblock long-stalled projects," the minister explained. The group is also coordinating positions ahead of G7 meetings on strategic issues, including access to rare earth minerals in the face of the threat of China's export restrictions.

E6 has already met twice and plans to present concrete proposals at the March European Council summit. The main areas of focus are strengthening rare earth supply chains, reducing bureaucracy and promoting the "28th regime" - uniform rules for companies in the EU. The next meeting on March 9 will focus on defense investment and promoting the euro on the international stage.

Meanwhile, smaller countries including Ireland and Portugal fear the supergroup will create a two-speed Europe where big states will override the opinions of others. At least nine countries need to participate to legally implement "enhanced cooperation," and legislation requires the support of 15 nations, making the involvement of allies mandatory.

Cuerpo urged skeptics to participate in open forums to prevent non-E6 countries from being isolated. "There are no red lines within the group and this should be to everyone's benefit," the minister emphasized.

E6 demonstrates the desire of the EU's six largest economies to act faster and more efficiently, while trying to maintain a balance between the interests of large and small countries.

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