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EU recovery fund could be repurposed over Ukraine

by Mike Robinson

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© Reuters. FILE PHOTO. Christian Lindner, German Finance Minister, speaks in a session on the budget in Berlin’s plenary room of the Bundestag (German parliament), March 22, 2022. REUTERS/Michele Tantussi

BERLIN (Reuters), – According to Christian Lindner, the German Finance Minister said Saturday that the European Union’s recovery fund was being repurposed for the Ukraine war.

Lindner spoke to Frankfurter Allgemeine Sonntagszeitung, “As a result of the new situation, I am open to prioritising available funds.”

According to the minister of Free Democrats, a pro-business party, “investments are needed in infrastructure, energy, competitiveness and not state consumption nor postponed changes”.

To prevent economic fragmentation from the pandemic, EU nations agreed to borrow 800 billion euro ($878 billion) in 2020.

Paolo Gentiloni (European Economic Commissioner) said Tuesday that the EU would discuss within a few weeks whether or not it should jointly borrow money to address Ukraine’s challenges. L5N2VP2ZB]

France has led calls to increase EU debt. Germany is the leader in this debate, but the Netherlands, Austria, Germany, and others are opposed. These countries argue that the economic consequences of war in Ukraine remain unclear, and only 74 million euros have been paid so far.

($1 = 0.9107 euros)

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