EU moving towards fiscal union with pandemic recovery plan: German FinMin

EU moving towards fiscal union with pandemic recovery plan: German FinMin

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Economy1 hour ago (Oct 12, 2020 05:30AM ET)

© Reuters. German Finance Minister Scholz and Justice Minister Lambrecht hold news conference in Berlin

BERLIN (Reuters) – The European Union is taking a step towards a fiscal union with its plans to recover from the coronavirus pandemic, which involve the European Commission borrowing in financial markets, German Finance Minister Olaf Scholz said on Monday.

“We are moving towards fiscal union, a major step forward in the financial capacity and sovereignty of the EU,” Scholz told an interparliamentary conference on stability, economic coordination and governance in the European Union.

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