Wednesday, March 31, 2021
Home Breaking News Germany still cannot approve huge EU recovery fund | NOW
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Germany still cannot approve huge EU recovery fund | NOW

Germany cannot yet approve the massive € 672.5 billion recovery fund that the European Union is setting up to combat the corona crisis. The German Constitutional Court has halted the ratification process because of a last-minute objection from some individuals. That must be addressed first.

It is not yet clear who the objectors are, but the extreme right-wing party Alternative für Deutschland (AfD) had already indicated that it would oppose the creation of the fund.

Earlier on Friday, the German upper house, the Bundesrat, agreed to the plan and the Bundestag already approved on Thursday. That was a big step for Germany, which has always been a fierce opponent of contracting joint debts in the European Union. The Social Democratic Minister of Finance Olaf Scholz reacted happily earlier in the day, calling it “a clear signal towards a solidary and strong Europe”.

The recovery fund was previously created after tough negotiations between the governments of the EU Member States and is the most important part of a larger series of corona measures totaling € 750 billion.

Member States can only claim the fund if they submit a detailed recovery plan in Brussels that must meet various conditions, but the establishment of the fund still needs to be approved by the Member States individually. The Dutch House of Representatives already approved the recovery fund last month.

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Source site www.nu.nl

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