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Germany's highest court on Wednesday rejected an emergency attempt to block the country from ratifying the European Union's Recovery package over the bloc's plan to raise funds by pooling debts. The EU unveiled a €1.8 trillion seven-year budget in December which includes a €750 billion post-COVID Recovery Plan. Part of the money is to raised by the issuance of an EU common bond, which has never been done before. But some in Germany had launched a legal challenge over the new instrument, fearing its use would not be limited to the recovery package and that it would curtail the country's fu...

Key points of EU coronavirus rescue package "The drawbacks resulting from not approving the provisional measure and the law later turning out to be unconstitutional are smaller than the consequences of approving the measure and the constitutional challenge later turning out to be unfounded," the court said in a statement. Ratification stopped in March On March 26, the court stopped the ratification process by preventing President Frank-Walter Steinmeier from signing the relevant legislation, which had earlier been passed by both houses of parliament. The injunction was issued following an eme...

By Reuters Staff (Adds details, background) BERLIN, April 21 (Reuters) - 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 ($900 billion) recovery spending to mitigate the consequences of the COVID-19 pandemic. “The drawbacks resulting from not approving the provisional measure and the law later turning out to be unconstitutional are smaller than the c...

Top German court tosses objection to EU coronavirus recovery fund