Euro zone finance ministers were upbeat on Friday about the prospects of the post-pandemic economic recovery, but said Europe would have to work hard to avoid long-term economic damage and not to fall behind China and the United States.
Amid doubts around the implementation of the €800 billion recovery fund, European Commission and experts stress that the EU instrument is not a US-like emergency stimulus but an investment tool for the medium-term to transform the European economy.
Last July, every EU leader agreed on describing the recovery fund as a “historic deal”, built on the unprecedented joint issuance of €800 billion of EU bonds.
But the slow process of finalising all the details of the fund, preparing national recovery plans and green-lighting the massive borrowing in national parliaments sparked concerns among investors and criticism in national capitals.
“We have lost too much time. China has resumed its growth, the US is booming, the EU must remain in the race,” French finance minister, Bruno Le Maire said recently.
By Syndicated Content
By Joseph Nasr
BERLIN (Reuters) â German Finance Minister Olaf Scholz vowed on Sunday to raise the minimum wage after national elections in September, hoping for support from about 10 million low-paid workers to help his Social Democrats (SPD) avoid a bruising third place.
Scholz made the promise in a speech to SPD delegates who voted for him as their centre-left partyâs candidate for chancellor.
His party is lagging both the Greens and Chancellor Angela Merkelâs conservatives in polls and is forecast to suffer its worst ever election result.
âI will push for a minimum wage of 12 euros during my first year as chancellor,â Scholz said. âThis means a wage increase for some 10 million employees so they can at least afford a bit more.â
Germany s struggling Social Democrats push green credentials
Issued on:
09/05/2021 - 22:24 Olaf Scholz has pledged to put ecological issues centre stage AXEL SCHMIDT POOL/AFP 2 min
Berlin (AFP)
With his Social Democrats (SPD) lagging in the polls behind the Greens and the Christian Democrats, German Finance Minister Olaf Scholz on Sunday pledged to prioritise climate change as he leads the party into September general elections. It s about the future of our country. the path Germany must follow in the 21st Century, Scholz told a socially-distanced SPD party congress after winning 96.2 percent support of 600 delegates to be their candidate in the September 26 election.
France, Germany to Spend Billions On Fighting Climate Change, Use of Digital Technology albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.