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German court allows approval of EU recovery fund

Reuters reports that Germany's constitutional court paved the way on Wednesday for the country to sign off legislation ratifying the European Union's Recovery Fund as it dismissed legal challenges against the debt-financed investment plan.

The decision is essential for launching the bloc's 750 billion euro recovery spending to mitigate the consequences of the COVID-19 pandemic.

The change that is to be ratified raises the upper limit for national contributions to the EU budget by 0.6 percentage points to 2.0% of gross national income until 2058 to safeguard the repayment of the recovery borrowing in case there is not enough money from taxes planned for that purpose.

Seven out of the eight judges supported the decision, the court said.

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