Brussels/Frankfurt, 20^th November 2020 – Regarding the unsuccessful video conference of the Members of the EU Council on the EU budget and the Corona Recovery Fund Thilo Brodtmann, Executive Director of VDMA, says:

"It is irresponsible that the Heads of state of Poland and Hungary are sticking to their veto even after the Council meeting. These two Member States, which benefit immensely from the EU, are not only blocking the financing of the EU for the next few years, they are also sending out a completely negative signal and creating uncertainty. What the economy needs now is a new start and European solidarity. These Heads of state should come to their senses and ensure stability and future viability.

The dispute over the financial package will not only slow down the recovery from the crisis but will also block long-term initiatives for innovation. If the EU budget is not passed there will be no money for the urgently needed investments in digitization and research programs such as "Horizon Europe" or "Digital Europe". This would not only harm Poland and Hungary but the entire EU and many urgent innovation projects.

The industry needs support for research and digitization in order to be resilient and future-proof. Mechanical and plant engineering in particular, with its future technologies, is dependent on innovations. Policy makers must provide the framework for this. There is more to it than crisis management: It is about long-term technological leadership for industry.”

A photo of Thilo Brodtmann, Executive Director of VDMA, can be found here.