French Finance Minister Le Maire deeply concerned about EU delay on stimulus fund

French Finance Minister Le Maire deeply concerned about EU delay on stimulus fund

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Photographe: Eric Piermont / AFP / Getty Images

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French Finance Minister Bruno Le Maire said he was “deeply concerned” by the slow deployment of the European Union’s common recovery fund, saying that governments are jeopardizing the rebound of the pandemic.

The 750 billion euro ($ 890 billion) plan is “not on track,” Le Maire said in an interview with Bloomberg Television. “If we want a strong economy, we need to invest and invest now. The key point is to have a rapid takeover of the EU and to implement the plan as quickly as possible. “

Divergent growth

IMF predicts eurozone to grow 4.4% this year

These remarks underscore growing concern that the region’s economy is lagging too far behind other industrialized countries, a concern also reflected in comments from policymakers at the European Central Bank. The EU has already botched its vaccine rollout, resulting in extensive restrictions on viruses, and the stimulus fund’s spending plans are dragging their way through complicated bureaucracy.

The money is not expected to be distributed until at least June. While not directly comparable, the US $ 1.9 trillion budget package is already being disbursed.

The mayor Noted that the EU stimulus fund was approved by governments last summer.

“I just want to urge all European member states to get back to the spirit of 2020 and rekindle the momentum we were able to give to European recovery in 2020,” he said. “Let us return to this spirit of solidarity, of determination, of the will to have a rapid economic recovery everywhere in Europe.”

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