Published: Fri, 04 April 2025
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In light of the economic disruption triggered by the United States’ sweeping tariffs, Sean Kelly, MEP for Ireland South and Leader of Fine Gael in the European Parliament, has called for the European Union to urgently accelerate the development of its Single Market and Capital Markets Union to shield the bloc from future shocks.
“This week has been a wake-up call,” Kelly stated. “Europe must take a long, hard look at how exposed we are. The US has imposed a twenty percent tariff on European goods. That’s massive, and it’s going to hurt – not just our industries, but our workers and communities.”
Kelly emphasised the need for a two-pronged approach: “Damage control must come first – we must talk directly with affected industries, assess the real impact, and support them through it. But we also need a strategic, long-term response. That means future-proofing our economy.”
“The single market is one of our greatest strengths, but it’s incomplete. We must finish the job. The Capital Markets Union, the Savings and Investment Union – these are the levers that will allow European businesses to access finance, grow, and compete globally,” he continued.
Kelly also pointed to excessive red tape as a self-imposed obstacle: “We have to reduce the regulatory burden that is holding businesses back. Simplifying rules and unlocking investment will give us resilience in a volatile world.”
Looking to Ireland, Kelly warned of specific consequences: “For Irish businesses – particularly the whiskey industry – this is a serious blow. A twenty percent tariff on exports to the US South, ten percent in the UK and North, that’s a real challenge.”
“But if we act decisively now, we can turn this into a moment of real progress for Europe’s economy,” Kelly concluded. “Let’s not wait for another shock – let’s get ahead of it.”
