Lagarde: The success of the essential European plan for recovery

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It is essential for the recovery of the euro area that the European recovery plan of 750 billion euros is a success and the target to give the money by the beginning of 2021 must be maintained, said the President of the European Central Bank, Christine Lagarde.

"If it is not objective, if it gets lost in administrative labyrinths and does not support the real economy to orient our countries towards digitalization and green economy, we will lose a historic opportunity in changing the situation," she warned in an interview published today by the French daily Le Monde.

Negotiations on this extraordinary plan, approved in July by the 27 European Union countries to help member states cope with the economic consequences of the health crisis, have encountered difficulties in the European Parliament on the issue of distributing money in compliance with the law.

Asked about the risk that these 750 billion euros will be disbursed late, the ECB president replied that the Commission's objective is to be able to give this money in early 2021 and should absolutely be maintained.

"The ball is in the court of states, which must present their recovery plans, some are already ready and the Commission must quickly analyze them, especially the national parliaments to adopt the provisions," she added.

"It is crucial that this extraordinary plan, which has removed important taboos in some countries, be a success," Lagarde said.

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