Economic response has to be more ambitious: French minister

Reminding Europe of its previous mistakes regarding the global financial crisis from a decade ago, French European Affairs Minister Clement Beaune emphasised the need for rapid and diverse investment to overcome the COVID-19 crisis at a press conference in Paris.

The minister recommended that greater attention be paid to fifth-generation (5G) wireless networks, green and digital technologies, among other investments as a more ambitious bolster to the existing European Union stimulus package of 750 billion euros.

Beaune said that he hoped the scheme would be ratified by May and the money be available by summer. Under the package, France is due to receive 40 billion dollars. The minister also revealed that over double the existing fund may be needed to revive the economy.

The minister was responding in light of frustrations that have been boiling in France and other European countries as the money disbursal has not yet begun. Many European states are still submitting their spending plans, leading to a delay in allotment of funds.