Germany and France vow to help Europe’s startups tap financing

The finance ministers of the euro area’s two biggest economies pledged to join forces to provide additional support for European startups.

“We want Europe to create an environment where innovative companies can grow into global champions,” Germany’s Lars Klingbeil and France’s Eric Lombard wrote in a joint op-ed published Tuesday in Handelsblatt newspaper.

The two ministers, who are due to meet on Wednesday near Berlin, said they plan to create a “panel of experts” led by former Bank of France Governor Christian Noyer and Joerg Kukies, an ex-German finance minister who was a close adviser to former Chancellor Olaf Scholz.

Europa braucht mehr Investitionen und weniger Bürokratie, um im globalen Wettbewerb zu bestehen, schreiben Lars Klingbeil und Éric Lombard – und legen konkrete Reformvorschläge vor. https://t.co/nxUPfswG2i

“This panel will develop concrete proposals to strengthen financing for startups and growth companies in Europe,” they added.

Policymakers across the region are attempting to invigorate the euro-area economy, which is typically seen as lagging the US and China in innovation. Lack of access to capital has been a regular complaint voiced by Europe’s startup scene.

Separately, the government in Berlin said Chancellor Friedrich Merz had discussed “how to further enhance Germany’s attractiveness as a business and financial center” with top domestic and international finance executives at a meeting Wednesday evening.

“Chancellor Merz promoted Germany as a business location,” the government said in an emailed statement. “He also used the chance to discuss opportunities for private investment in the modernization of our country.”

This story was originally featured on Fortune.com