EU Plans Record-Breaking €750bn Stimulus Package
BRUSSELS (Dispatches) - The European Commission on Wednesday said it planned to deploy €750 billion, or about $826 billion, as part of a new long-term budget and recovery plan.
The European Union’s executive arm said its push to aid Europe’s economic recovery from the coronavirus crisis would include raising funds through the financial markets.
In the package, called "Next Generation EU,” about €500 billion would be offered as free grants to the bloc’s member states, while €250 billion would be made available as loans to help repair the single market from the economic blow of the coronavirus pandemic.
Next Generation EU, which is at the heart of Europe’s recovery plan, is part of the institution’s long-term budget for 2021-27, set at €1.8 trillion, or about $2 trillion.
Paolo Gentiloni, the European commissioner for economy, said in a tweet, translated from Italian: "Commission proposes a 750 billion Recovery Fund which is added to the common instruments already launched. A European turning point to face an unprecedented crisis.”
The European Union’s executive arm said its push to aid Europe’s economic recovery from the coronavirus crisis would include raising funds through the financial markets.
In the package, called "Next Generation EU,” about €500 billion would be offered as free grants to the bloc’s member states, while €250 billion would be made available as loans to help repair the single market from the economic blow of the coronavirus pandemic.
Next Generation EU, which is at the heart of Europe’s recovery plan, is part of the institution’s long-term budget for 2021-27, set at €1.8 trillion, or about $2 trillion.
Paolo Gentiloni, the European commissioner for economy, said in a tweet, translated from Italian: "Commission proposes a 750 billion Recovery Fund which is added to the common instruments already launched. A European turning point to face an unprecedented crisis.”