Director General of BDI Dr Joachim Lang told CNBC that the economic numbers that have followed the COVID-19 crisis have never really be seen in Germany or Europe. Despite the “extreme numbers” Dr Lang stressed that the German economy will recover from the pandemic and predicted that a full recovery will have taken place by Spring 2022.
Dr Joachim Lang said: “There have been numbers that we have never really seen before in Germany and also Europe.
“We have seen really extreme numbers but there will be a recovery.
“We hope to be back in Spring 2022.”
Last week German MEP Jörg Meuthen unleashed a scathing attack on the European Commission’s bailout plan during the European Parliament’s plenary session.
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Mr Meuthen slammed the European Union’s recovery package as nonsense and praised Austria, Netherlands, Denmark, and Sweden for all refusing to agree to the bailout.
The German MEP said: “I think Chancellor Merkel was very clear when she said there wouldn’t be any corona bonds or Euro bonds but now, we have this recovery fund providing grants of €5million.
“We have taxpayers who are financing this money on behalf of the European Commission without any proper legal basis.
“This does not seem to bother anybody though.
“This completely lacking any responsibility or economic sense here.
“This does not make sense in terms of spending and taxes.
“We are talking about huge figures of money here and this is hypocritical, all in the name of solidarity.
“We have seen Austria, Netherlands, Denmark, and Sweden all refuse to agree to this nonsense.”