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French Finance Minister Bruno Le Maire on Friday targeted the failure of some EU countries – namely Germany – to quickly ratify an emergency program for the bloc’s economies affected by the coronavirus.
The € 750 billion ($ 885 billion) EU virus recovery fund, agreed last summer, must be ratified by all 27 EU states before it can be accessed, but only 16 have so far ratified the plan.
The German Constitutional Court last week 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 debt, but that it is up to each country to guarantee its own loan 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 keep this promise and I would like Europe to understand that we must not wait before being able to spend this money, ”French Finance Minister Bruno Le Maire told CNews television channel.
He said there were “states like Germany which impose additional deadlines”, referring to the decision of the Constitutional Court.
The United States ahead
“I can see the American cavalry got there on time, the money is there, the United States has their money,” he said.
“I would also like the European cavalry to arrive on time.”
The Mayor said that “growth is needed now, recovery is needed now. In 2022 or 2023, it will be too late, the Chinese and Americans will have overtaken us.”
The European Commission expressed hope on Monday that the German court’s ruling would not delay ratification for long, saying the legality of the stimulus package was “in order”.
The historic offer of loans and direct grants to the EU countries hardest hit by the pandemic, funded by joint borrowing from all members, has marked a paradigm shift in Germany and other opposing countries since. long to the liability of the debt of other members.
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