The finance ministers of France and Germany, Bruno Le Maire and Olaf Scholz, jointly presented their Recovery plan, the national plans expected by Brussels by 30 April for the disbursement of Next Generation Eu funds. France should have access to approx 40 billion euros, against about 28 billion destined for Germany. “Today is a good day for Europe. Germany and France present their recovery plans – said Scholz – The EU recovery plan makes it possible for all member states to adopt measures that make us emerge stronger from the crisis ». His French counterpart, Le Maire, called on the EU to “hurry up” with the disbursement of funds, to keep the continental economy in step in the race to recover with the US and China.
From Germany 90% of green and digital funds
Scholz, in particular, revealed that the 90% of European resources will be focused on projects related to contrasting the climate change and digitalization, going well beyond the minimum spending thresholds set by Brussels for the two categories (approximately 37% and 20%). The Berlin plan, he added, “sends a clear signal in favor of climate action, digitalisation, growth and jobs”. In detail, Scholz stated that Berlin will spend around 11.5 billion euros in projects green ranging from the use of hydrogen as an energy source to incentives for electric cars, buses and trains, passing through the energy efficiency of buildings. On the mobility front, the German Ministry of Finance explains that the aim is to support half a million electric cars and 400,000 charging stations installed on buildings, as well as 50,000 public charging stations and 2,800 “green” buses.
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Others 14 billion euros will go to digital change, with objectives such as the conversion of production processes, always in the automotive sector, to the modernization of education, health and public administration. According to the estimates cited by Scholz, the funds granted by Brussels should result in a 2% increase in GDP and in a higher employment of 0.5%. The minister also returned to the design of a “European cloud”, already sponsored by the France-Germany axis, as well as underlining the urgency of producing the latest generation of chip processors at home.
Le Maire: priority is investing, now running for funds by the end of the summer
Scholz’s French counterpart, Le Maire, insisted above all on the nature of the maxi-plan of European recovery: an instrument for long-term investments and not (only) for stabilizing economies overwhelmed by the pandemic crisis. The French plan will be based on the three pillars of ecology, competitiveness, social and territorial cohesion, in turn divided into nine missions. Paris also treads its hand above all on ecological transition, with four projects for energy renewal, ecology and biodiversity, green infrastructure and mobility, green energy and technology. «Priority today is to invest heavily, do not consolidate public finances – said Le Maire – We have learned the lessons of the past. We will return to solid public finances as soon as the Covid crisis is behind us ». Le Maire called on all EU countries to deliver the plan by the deadline set for 30 April, also urging the European Commission to “analyze them as soon as possible so that they will be approved by the Council at the latest in July. This will allow the money to arrive before the end of the summer ».