France targets Germany and other EU states for failing to ratify Covid fund

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The EU’s € 750 billion virus recovery fund agreed last summer requires ratification 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 interrupted ratification in a surprise fashion, 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 take out its own loan to pay for the stimulus.

“I promised the French that 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 Constitutional Court’s ruling.

“I see the American cavalry got there on time, the money is there, the United States has their money,” he said.

“I would like the European cavalry to arrive on time as well.

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The Mayor said “Growth is needed now, 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 ruling would not delay ratification for long, saying the legality of the stimulus package was “in order”.

The historic offer of loans and 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 countries long opposed to it. liability for the debts of other members.

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