PARIS – The aerospace industry is expected to be among the sectors that can exploit a planned European stimulus fund, French Finance Minister Bruno Le Maire said on Tuesday.
France and Germany on Monday proposed a € 500 billion ($ 546.4 billion) stimulus package that would provide grants to regions and sectors of the European Union hardest hit by the coronavirus pandemic.
“The European Recovery Fund should allow us to support the aerospace industry and its 3,000 subcontractors,” Le Maire told the economic and European committees of the lower house of the French Parliament.
“The urgency for me is to lessen the shock, but also to continue funding innovation and investment” without which, he said, Airbus risks falling behind its competitors like Boeing.
Aerospace is one of three industries with car construction and tourism that the French government has chosen for sectoral state support programs, which Le Maire said he intended to prepare for. here July.
France and Germany have proposed that the fund be financed by European Commission market loans to provide grants to regions and sectors struggling to recover from the coronavirus crisis.
Other EU leaders have yet to give their support to the fund at a summit next month and Le Maire has planned difficult talks so far with Austria, Denmark, the Netherlands and Sweden, where the issue of common debt is taboo.
(Report by Leigh Thomas; edited by Jason Neely)