European Recovery Plan: Where will the €40 billion in subsidies obtained by France go?

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The 750 billion euro European recovery plan includes 40 billion euros in subsidies for France. A news that does not please the opposition.

 

The news only came out yesterday and is already causing a lot of reaction.

 

As part of the European plan signed by the 27 Member States of the European Union, 40 billion euros in subsidies are envisaged for France.

 

These subsidies have been presented by the Minister of Economy Bruno Le Maire.

 

They will be repaid later, therefore under conditions that are extremely advantageous for us and above all are immediately available,” explains Bruno Le Maire.

 

The French State will take care of everything for 2020, but as of 2021, the European Union will reimburse its due.

 

The funds will be released over three years, as there will first be legal and technical aspects to be settled.

 

Such as, for example, annexes to the agreement that have to be drawn up and validated.

 

Then the Member States will be able to present their national reform and investment programmes and claim the funds released.

 

Only 70% will be released in 2021-2022, the remaining 30% in 2023, according to certain criteria.

 

As for the national recovery programmes giving rise to the release of aid, they will be evaluated by the European Commission and then validated by the Member States by qualified majority.

 

It should also be noted that each State will have a form of right of scrutiny over the use of the funds envisaged by the other members.

 

On the other hand, they will not be able to block the granting of funds, but they will be able to request that a dossier be studied at a European Summit.

 

Funds that will be used for the daily life of the French people

 

390 billion of the €750 billion will be earmarked for the states most affected by the Covid-19 pandemic.

 

This means that France will benefit from 40 billion euros in subsidies available immediately, confirms the Minister of the Economy Bruno Le Maire.

 

Because […] the recovery is now, there is not a moment to lose“, he insisted.

 

He also specified that this money will help finance the French recovery plan of 100 billion euros over two years.

 

This recovery plan will be presented in detail at the Council of Ministers on 24 August.

 

In addition, the latter includes, in particular, an envelope of 40 billion euros for the development of industry and 20 billion euros for the ecological transition.

 

According to Bruno Le Maire, these funds will make it possible, for example, to finance investments in hydrogen, the energy renovation of buildings and hospitals.

 

Opposition to the government shows its displeasure

 

However, this agreement is criticised by the opposition, both left and right.

 

According to LR Agnès Evren MEP: “A historic agreement perhaps, but so many concessions! She said.

 

The same goes for the President of the National Rally, Marine Lepen, who does not hesitate to make her discontent heard loud and clear: “Macron has just signed the worst agreement for France in the history of Europe. To protect his ego, he is sacrificing our future and our independence: European taxes, the abandonment of our agriculture, the country’s colossal financial commitment”.

 

Read also > ​FRANCE WOULD BE THE THIRD MOST AFFECTED ECONOMY, ACCORDING TO THE IMF

 

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The 750 billion euro European recovery plan includes 40 billion euros in subsidies for France. A news that does not please the opposition.

 

The news only came out yesterday and is already causing a lot of reaction.

 

As part of the European plan signed by the 27 Member States of the European Union, 40 billion euros in subsidies are envisaged for France.

 

These subsidies have been presented by the Minister of Economy Bruno Le Maire.

 

They will be repaid later, therefore under conditions that are extremely advantageous for us and above all are immediately available,” explains Bruno Le Maire.

 

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The 750 billion euro European recovery plan includes 40 billion euros in subsidies for France. A news that does not please the opposition.

 

The news only came out yesterday and is already causing a lot of reaction.

 

As part of the European plan signed by the 27 Member States of the European Union, 40 billion euros in subsidies are envisaged for France.

 

These subsidies have been presented by the Minister of Economy Bruno Le Maire.

 

They will be repaid later, therefore under conditions that are extremely advantageous for us and above all are immediately available,” explains Bruno Le Maire.

 

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