A dispute has arisen between Brussels and Berlin concerning the European Union’s new investment plans.
The European Commission wants to give permanent status to the planned European Fund for Strategic Investments (EFSI), but Germany doesn’t.
On Tuesday in the E.U.’s Economic and Financial Affairs Council ECOFIN, Germany’s finance minister, Wolfgang Schäuble, argued the fund should be limited to three years. When investment activity gets going again in the European Union, the fund will no longer be needed, he said.
Jyrki Katainen, the E.U.’s vice president responsible for investments, disagreed, saying no one can know yet how long investment will be low so the E.U. shouldn’t put a time limit on the fund.
ECOFIN’s chairman proposed a compromise: E.U. finance ministers should consider extending the fund in three years.