Brussels, Feb 16, (dpa/GNA) – The Portuguese EU Council Presidency on Tuesday urged all 27 member states to ratify the “Own Resources Decision” – a step necessary to ensure vital coronavirus rescue funds can flow.
Following a virtual meeting with his counterparts, Portuguese Finance Minister Joao Leao – whose country holds the rotating presidency – told reporters that he hoped all member states will have ratified the law by April. Only six countries had done so so far, he said.
“We want to deliver plans that will help citizens and businesses in this crisis,” he said.
Last week, EU institutions gave the green light for a 672.5-billion-euro (815-billion-dollar) economic recovery fund, aimed at financing investment and reform in the bloc.
Before the money can flow, however, EU countries need to ratify the “Own Resources Decision” – a law that will make it possible for the European Commission to borrow money at the markets to finance the plans.
European Commission Vice President Valdis Dombrovskis echoed the need for swift ratification. “I think we all agree.. that sooner is better,” he said, explaining that if the decision was ratified soon enough, the commission could begin borrowing money in June.
“That’s why we urge all member states to finalize the ratification as soon as possible,” he said.
GNA