Le Monde: The EU is setting up a fund to deal with the effects of the war in Ukraine

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Discussions on the creation of a new mutual fund as soon as possible in order to absorb the consequences of the Russian war in Ukraine are taking place in Europe, as reported by the French newspaper Le Monde.

According to the newspaper, a relevant announcement could be made even at the informal European summit organized on the initiative of Emanuel Macron on Thursday 10 and Friday 11 March in Versailles.

Macron is constantly calling for Europe to change, as he did in his televised speech on Wednesday, in order to “become a more independent, more sovereign power”.

The creation of this fund is in line with this logic, as the 27 EU Member States broke a first “taboo” by deciding to finance the transfer of arms to Ukraine.

In Brussels, Ursula von der Leyen and the Commission have begun preparatory work. Macron also discussed the issue with German Chancellor Olaf Solz on Friday, on the sidelines of a telephone conversation following the Russian military’s violent seizure of a nuclear power plant in southern Ukraine.

Former Social Democrat Finance Minister Angela Merkel played a key role in building the Recovery Fund to support countries most affected by the pandemic.

The € 750 billion package was the first in Europe to be financed by issuing a common debt. The Recovery Fund is operated by countries whose plans have been ratified by Brussels. In the short term, some of these funds may be redirected to mitigate the effects of the war in Ukraine.

Source: Capital

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