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French Finance Minister Bruno Le Maire on Friday pointed to the failure of some EU countries, namely Germany, to quickly ratify an emergency program for the block economies affected by the coronavirus.
The EU’s 750 billion euro ($ 885 billion) virus recovery fund, agreed last summer, requires ratification by all 27 EU states before it can be accessed, but only 16 so far. they have ratified the plan.
Last week, Germany’s Constitutional Court halted ratification in a surprise move, after five people filed a challenge that resulted in a temporary injunction.
The plaintiffs argued that the EU should not pool the debt, but that it is up to each country to write its own loans to pay for the stimulus.
“I promised the French that the European money would arrive at the beginning of the summer, at the beginning of July. I would like to be able to fulfill that promise and I would like Europe to understand that we should not have to wait.” before I can spend that money, “French Finance Minister Bruno Le Maire told CNews television.
He said there are “states like Germany that are imposing additional delays,” referring to the Constitutional Court’s decision.
USA Far Ahead
“I can see that the American cavalry arrived on time, that the money is there, America has its money,” he said.
“I would like the European cavalry to arrive on time as well.”
Le Maire said that “growth is needed now, a recovery is needed now. In 2022 or 2023 it will be too late, the Chinese and the Americans will have overtaken us.”
The European Commission on Monday expressed hope that the German court’s decision would not delay ratification for long, saying the legality of the stimulus plan was “in order.”
The historic offering of total loans and grants to the EU countries hardest hit by the pandemic, funded by joint loans from all members, marked a paradigm shift in Germany and other nations that have long opposed taking responsibility for the debt of other members.
