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Scholz on Sovereignty Fund: Use money from existing packages first

German Chancellor Olaf Scholz countered Wednesday’s (14 December) proposals for a European Sovereignty Fund. He argued that money from previous European support packages should still be used first.

“First, there are quite some funds that haven’t been disbursed yet…this beauty of the European Recovery Plan,” he said to reporters at a meeting in Brussels. He was referring to the EU’s massive stimulus package to speed up the bloc’s post-COVID recovery.

Ursula von der Leyen, president of the European Commission, stated earlier Wednesday that she will present concrete proposals regarding the creation of a European Sovereignty Fund in order for Europe to become a global leader in clean-tech.

German Finance Minister Christian Lindner has warned against the issuance of new European debt as a result of the US Inflation Reduction Act.

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“If ‘sovereignty funds’ are new European debts, then this will not improve our competitiveness and stability.”

He said that it would be a threat to stability and competitiveness.

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