German constitutional court allows EU pandemic fund to go ahead

 Germany’s Constitutional Court on Wednesday gave green light to the government to back the European Union’s Coronavirus recovery fund.

The EU has set aside 750 billion euros (900 billion dollars) to revive the bloc’s economy.

The court threw out an urgent application for German participation in the fund to be declared unconstitutional.

Nevertheless, Wednesday’s ruling is not the last word on the case, as the court has yet to make a definitive judgement.

The court said its summary examination had not found a high likelihood of an infringement of the constitution.

On March 26, it had called a halt to the ratification process, by preventing President Frank-Walter Steinmeier from signing the relevant legislation, which had previously been passed by both houses of parliament.

Part of the package entails placing EU bonds in the market as joint EU debt.

The European Commission can only launch this process once all 27 member states have ratified the measure.

Agreed in the summer of 2020, the full package of measures aims to place some 1.8 trillion euros at the bloc’s disposal up to the end of 2027. (dpa/NAN)