[News] Lagarde insists that the EU recovery plan must be at the beginning of the year

[G h o s t l y.]

The president of the European Central Bank (ECB), Christine Lagarde, has indicated the need to meet the objective that the money arrives on the estimated date.

 

The president of the European Central Bank (ECB), Christine Lagarde, has insisted on the need to meet the goal of reaching the money from the European recovery plan at the beginning of 2021, which is currently blocked by negotiations between countries. Legarde has stated in an interview that "the objective of the Commission is that it can be paid at the beginning of 2021 and it must absolutely be fulfilled."
 

The president considers "crucial" that the exceptional plan is a success and has explained that the risks that the plan faces are: that it is not collective, that it gets lost in "administrative malfunctions" or that it does not reach the real economy to give it a more digital and greener orientation.

Now it is the turn of the states. They must present their own plans, the Community Executive will have to submit them to examination and then the national parliaments will have to adopt the devices.
 

The recovery plan of 750 billion euros collides with the confrontation between the will to make aid conditional on compliance with the principles of the rule of law and the opposition of some states that feel marked by those rules.

Legarde has assured that, in the event of a worsening economic situation, the ECB has not exhausted all its possibilities, and, if necessary, "we will do more", he added.
 

Currently, the baseline scenario foresees an 8% drop in gross domestic product (GDP) on average in the euro zone, including partial and localized restrictions. If things got worse, the forecasts would be revised in December.
 

For the President of the ECB, the most serious of the long-term impact of the crisis are job losses, and that is why "it seems essential to us that the safety nets put in place by governments during this crisis are not withdrawn prematurely" .