Europe must not delay cash to crisis-hit economies, Lagarde

The Commission's aim is to distribute the €750 billlion recovery fund at the beginning of 2021

Christine Lagarde said the funds must be targeted, otherwise, they get lost in the 'administrative labyrinth'. Picture: Daniel Roland Getty Images

Europe must distribute its €750 billion recovery fund for the pandemic-hit economy promptly and should debate creating a permanent fiscal tool for the bloc, European Central Bank President Christine Lagarde told a French newspaper.

European leaders have been at odds over the details of a multi-year grant and loan scheme called Next Generation EU, raising the risk that cash would not start reaching the hardest hit nations on time.