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Scholz: Admission of common debt changes political statics message

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BRUSSELS / BERLIN (dpa-AFX) – In the view of Federal Minister of Finance Olaf Scholz, the taking up of joint debts of the EU states to deal with the corona crisis changes the political statics in Europe. “With this decision, Europe takes responsibility for its fate together,” said the SPD politician of the “Zeit” (Thursday) with regard to the budget and financial package of the historic order of 1.8 trillion which was decided after tough negotiations at the EU special summit Euro.

“In order to repay the debt, the EU will in future be provided with its own income. This will change the political statics in a dramatic way,” said Scholz. “If you take out loans together and pay them back together, you reach a new dimension of common ground,” he said. The agreement has brought the goal of determining “our life” in the future itself one step closer.

It was not unusual for the aid fund to ultimately turn out to be less than Germany’s favorite. “We also know this from financial negotiations in German federalism. Nevertheless, there was an agreement, and in the end that is exactly what counts. The point is: Unlike the sovereign debt crisis ten years ago, Europe is now acting together.”

According to the compromise package at the EU special summit, Germany has to pay around ten billion euros more into the European budget every year – in future about 40 billion euros. The bottom line, however, is that Germany benefits, Scholz told Die Zeit. German companies benefited from being able to supply “the whole world and above all Europe”. Long-term stagnation in neighboring countries would be “the worst thing that can happen to us” ./ bcf / DP / eas



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