Germany’s top court to hear complaints on EU COVID-19 recovery fund
Germany’s Constitutional Court has said it is hearing several complaints against the European Union’s €800 billion ($812 billion) COVID -19 recovery fund on Tuesday.
The fund is one of the EU’s most ambitious joint economic projects.
It brought member states together to guarantee the issuance of joint debt by the European Commission on an unprecedented scale.
The money would be raised on the capital markets and be repaid by the end of 2058 at the latest.
Individual member states were to receive it through loans and grants and use the funds primarily for climate protection and digitalisation.
The largest sums would go to particularly hard-hit countries such as Italy and Spain.
Germany is expected to be the largest net contributor, at around €65 billion.
According to the plaintiffs, there is no legal basis for this “huge redistribution’’ in the European treaties.
They also warned of incalculable liability risks for the German budget.
The hearing is expected to take place on Tuesday and Wednesday, but no decision is expected soon.
(dpa/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Gas tanker leak contained in Kaduna: KADSEMA
The executive secretary of KADSEMA, Usman Mazadu, said the agency has contained a compressed gas tanker leak in Kaduna South.
World
Iran War: Three U.S. servicemen killed
Another American service member has been reported killed by fragments of a downed Iranian drone in northern Iraq, raising the number of U.S. troops killed last week to three.
Anti-Corruption
NBA president-elect submits self to post-election audit amid fraud, rigging allegations
Oyinkansola Badejo-Okusanya, the president-elect of the Nigerian Bar Association, says she is ready to subject herself to a post-election audit following her victory.
Anti-Corruption
Bank CFO jailed 36 months in U.S. prison for fraud scheme
Mr Luneke defrauded Bank of the Valley, obtaining two loans totalling approximately $4,320,000.
Sport
Mbappe wins historic second World Cup Golden Boot as Spain sweep major individual awards
Mbappe is the first player to win the World Cup Golden Boot twice, having struck eight times to finish top scorer in the 2022 World Cup in Qatar.
World
Food delivery rider wins China’s Lu Xun Literature Prize in poetry
A 56-year-old Chinese food courier, Wang Jibing, has been named the winner of China’s Lu Xun Literature Prize in poetry.
