At the end of March, investors were absorbing an intervention by the German Constitutional Court that has delayed that country’s ratification of the €750 billion recovery fund under the NextGeneration EU (NGEU) budget. All 27 member states must ratify this.
The challenge comes from German academics who, it appears, object to the size and extended maturity of EU borrowing to fund economic recovery from the near-term emergency of the pandemic through long-term investments in green and digital technology.
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