Monday, July 22, 2024

EU Reconstruction Program: The Carlsruhe siege is causing unrest in southern Europe


In Brussels you are not impressed. Although the Federal Constitutional Court has suspended EU aid of 750 billion corona, the EU Commission still expresses confidence. The authority is more convinced of the legitimacy of the plans and is awaiting a speedy ruling by the German Supreme Court, said Budget spokesman Balas Uzwari. Also: “We hope the cash receipt schedule and payment will not be affected.”

Corona help should actually be ready to go by the end of June. The first funds are expected to flow to member countries in July. It does, however, suggest that the parliaments of all EU member states give their approval to fund the reconstruction plan by the end of June. On Friday, however, the Federal Constitutional Council approved German plans for Europe’s reconstruction.

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Judges have barred federal president Frank-Walter Steinmeier from signing the Capital Adequacy Act. The law, which has been debated in a similar fashion in 26 other EU member states and passed in some cases, allows EU national parliaments, among others, to borrow up to 7 750 billion in markets. Reconstruction plan, and guarantee for it debt.

However, the first order on Friday was not a decision on eligibility. The Supreme Court of Germany reserves only the time required for further proceedings and the actual trial of the case against the project.

Nevertheless, this decision clearly shows that the judges take seriously the arguments of the plaintiffs around the case and economist and politician Bernd Luke.

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He and other opponents of the plan fear that borrowing at the EU level will be introduced permanently and that Germany will have to step in to repay the debt, which is to be extended until 2058.

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Although the Commission officially considers that the Constitutional Judges will rule expeditiously: it was agreed that nothing. It is unknown at this time what he will do after leaving the post. Complaint Luck, who was one of the co-founders of AfD, also expects this decision to be in the coming years. “It may take two years for the Constitutional Court to reach a verdict. This will prevent typical EU debt, but not the restructuring plan. The council should change its decision and fund the EU with ordinary government bonds instead of eurobonds, ”said Luke Welt.

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Other viewers expect only a few weeks’ delay – anyway. After all, Karlsruhe judges still have three months to decide on a moratorium. In similar situations in the past, the suspension effect is minimal.

For example, the constitutional complaint against the EU agreement in Lisbon delayed the implementation of the relevant law by six months. Under the ESM agreement, constitutional complaints led to a three-month delay.

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Observers believe that the judges will completely stop German approval of Corona’s aid. It is true that European agreements stipulate that the EU should not go into debt. The EU Fiscal Regulation also explicitly states that the EU is “not approved within the budget.” Loans Record “. However, last July, when state and heads of state decided to help at their marathon summit, they referred to the emergency article in the EU agreements.

By this justification, they could even be before constitutional judges, says chief economist George Groomer Commerce Bank. “In previous rulings on European legal issues, constitutional advocates have often given politicians more room for maneuver than questions governed by basic law.” The court also approved the BSPB bond purchase scheme after some partial additions.

Source: WORLD Chart

Even if the judges repeal the legal framework, Berlin and Brussels should quickly consider an alternative. All sorts of considerations are already in circulation in Germany, from a constitutional amendment to a state-government agreement for reconstruction funding, so it is no longer subject to the terms of EU treaties. If all 27 member states want something, they will find a way.

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Nevertheless, the siege of Karlsruhe has caused unrest in southern Europe: where governments are waiting for the next generation of the Corona project to raise money from the EU’s central reconstruction fund. The finance ministers have already planned the first payments from Brussels; For example, Greece expects about four billion euros from Brussels in July and August, the Greek deputy finance minister said over the weekend.

Poland and Hungary are still embroiled in controversy with Brussels

He and his colleagues need to make sure that Germany is not the only country whose EU debt has not yet been stabilized. So far, 16 national parliaments have approved the practice, according to the EU Commission. Seven more have announced that approval will be completed by the end of April. However, there is still no timetable for the four countries to ratify: Austria, Poland, Hungary and the Netherlands.

With Germany now a fifth country added, it can not be without consequences, warns the Spanish newspaper “El Boss”: “It appears that it will be several weeks late, and other countries may give arguments to stop consolidating themselves.”

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In fact, the Dutch government at the time was one of the sharpest critics of the reconstruction plan last spring and summer, and was at the center of the so-called Thrifty Five. In the aftermath of the new elections, then-Prime Minister Mark Rutte is now forming a new government – which could lead to more sympathy for the project after the election victory of the European allies.

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Poland and Hungary are still embroiled in controversy with Brussels and other EU members because both countries are threatening action for violating the rule of law. In this climate, it may take some time for parliaments to approve EU debt. For governments waiting for money from the fund, this means another tremor.

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