Stimulus Check Up | Sep 1, 2022 | 0
Merkel: Coronavirus Shows Limits of ‘Fact-Denying Populism’
The coronavirus pandemic is showing the limits of “fact-denying populism,” German Chancellor Angela Merkel told the European Parliament on Wednesday.
In her speech, Merkel set out her country’s plans for its six-month presidency of the European Union.
Germany took over the task of chairing EU meetings on July 1.
It faces the challenge of seeking a compromise on a coronavirus recovery fund for the 27-nation bloc as well as the EU’s budget for the next seven years, as the continent faces up to the task of pulling out of a deep recession.
Merkel said there is no time to waste, given the “depth of the economic decline”, adding that “only the weakest would suffer” from a delay.
Merkel and French President Emmanuel Macron in May proposed creating a one-time 500 billion-euro (563 billion US dollar) recovery fund that would be filled through shared EU borrowing.
That is a big step for Germany, breaking with its long-standing opposition to any kind of joint borrowing.
The EU’s executive Commission expanded on the proposal, putting forward plans for a 750 billion-euro fund made up mostly of grants.
It faces resistance from countries dubbed the “Frugal Four” – Austria, Denmark, the Netherlands and Sweden – that oppose grants and are reluctant to give money away without strings attached.
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