Who Pays for the Green Deal?
As laudable as they are, the European Commission's proposals for addressing climate change rely overwhelmingly on forms of financing that violate EU rules. Because the Commission is barred from assuming debt, the European Investment Bank will do so on its behalf, and the European Central Bank will ultimately be left holding the bag.
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MUNICH – Under President Ursula von der Leyen, the new European Commission has big plans to address climate change. With a €1 trillion ($1.1 trillion) investment package, it hopes to transform Europe into a carbon-neutral economy by 2050.