European Union Unveils €750 Billion Recovery Plan as Coronavirus Wanes

By Paul Riegler on 27 May 2020
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A street musician in Brussels

The European Union announced a €750 billion ($821 billion) aid package intended to help the bloc’s economic recovery from the fallout of the coronavirus pandemic.

Calling it “Europe’s moment,” the plan is intended to “repair and prepare [countries] for the next generation,” the bloc said in a statement.

Saying that the coronavirus has shaken Europe and the world “to its core,” the Next Generation EU plan… will bring the total financial firepower of the EU budget to €1.85 trillion.

The plan, which hews closely to the Franco-Germany plan unveiled last week, would be funded by €750 billion in debt raised by the bloc to address the economic damage resultant from the pandemic and provide a fiscal injection to the region’s hardest hit countries.

“The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment,” said European Union President Ursula von der Leyen.  “This is Europe’s moment,” she added. “Our willingness to act must live up to the challenges we are all facing. With Next Generation EU we are providing an ambitious answer.”

All member countries must agree to the plan.  Several wealthier countries including Austria, Denmark, the Netherlands, and Sweden, have questioned the rational of making their citizenry responsible for supporting the coronavirus-riddled south of Europe.

(Photo: Accura Media Group)

Accura News

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