The EU, a political conglomerate of 27 nations, has relaxed its strict state aid regulations three times since March.
The European Union faces "uneven" competition in the market as countries such as Germany and Italy make significant state aid interventions in the age of Covid-19 in comparison with other nations, the Cypriot finance minister told CNBC Wednesday.
"The possibility is that there will be an uneven competition that will harm the single market and the single market is the biggest achievement at the European Union right now," Constantinos Petrides, the finance minister of Cyprus, told CNBC's "Squawk Box Europe" Wednesday. According to the European Commission, the executive arm of the EU, there have been 2.19 trillion euros in state aid schemes approved since the pandemic began.Italy and France follow suit representing 18% and 17% of the total state aid so far, respectively.
"This is why we need a recovery plan that will face these challenges, because yes we have relaxed the state aid rules, nevertheless the possibility a country has to finance, support companies through state aid is unevenly spread between the countries," Petrides said.
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