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It is "crucial" that the European recovery plan is a "success", warns Christine Lagarde

2020-10-19T09:36:50.012Z

The objective of paying the money from the European aid plan, endowed with 750 billion euros, in early 2021 must be met by the Commission, insisted the President of the ECB in an interview with Le Monde.



"

It is crucial

" for the recovery of the euro area that the European recovery plan, endowed with 750 billion euros, "

is a success

" and the objective of paying the money in early 2021 "

must absolutely be met

", European Central Bank President Christine Lagarde said in an interview on Monday.

Read also: ECB: Lagarde criticizes the delay taken by green finance

"

If it is not targeted, if it gets lost in administrative maze and does not irrigate the real economy to orient our countries towards digital and green, we will have missed a historic opportunity to change the situation

" , she warned in an interview with

Le Monde

published Monday on the website of the French daily.

Negotiations on this exceptional plan, adopted in July by the Twenty-Seven to help Member States cope with the economic consequences of the health crisis, stumble in the European Parliament on the issue of making the payment of the money subject to compliance with the Rule of law.

Asked about the risk that these 750 billion euros will be distributed "

too late

", the President of the ECB replied: "

the objective of the Commission is to be able to pay them in early 2021 and it must absolutely be kept

".

The ball is in the court of the States, which must present their recovery plans - some are already ready -, and of the Commission, which will have to sift them quickly.

The political leaders will also have to move quickly, in particular the national parliaments to adopt the devices

”, she continued.

"

It is crucial that this exceptional plan, which has lifted important taboos in some countries, is a success,

" she insisted.

Read also: Brexit: an agreement must be made, according to the President of the ECB

Friday, at the end of the Twenty-Seven summit in Brussels, French President Emmanuel Macron called for a "

spirit of compromise

" in Parliament to unblock negotiations on the European budget, which is backed by the recovery plan.

MEPs demand a dissuasive mechanism to make European subsidies conditional on respect for the rule of law, which Poland and Hungary oppose, which blocks the whole process.

Source: lefigaro

All business articles on 2020-10-19

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