The European Union's executive unveiled a 750 billion euro plan on Wednesday to prop up economies hammered by coronavirus, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc.
BRUSSELS - The European Union’s executive unveiled a 750 billion euro plan on Wednesday to prop up economies hammered by coronavirus, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc.
EU leaders agree that, if they fail to rescue economies now in freefall, they risk something worse than their debt crisis of a decade ago, which threatened to pull the eurozone apart.See more stories The plan aims to fulfil the Commission’s pledge to slash EU carbon emissions to “net zero” in 2050, beef up EU health and defence capability, and prop up firms facing solvency problems.
Members of the European Parliament are seen during a plenary session on a new proposal for the EU's joint 2021-27 budget and an accompanying Recovery Instrument to kickstart economic activity in the bloc ravaged by the coronavirus disease outbreak, in Brussels, Belgium, May 27, 2020. REUTERS/Johanna Geron
The more frugal nations would rather see the recovery package comprise only loans, and the Netherlands responded cautiously to the proposals.The poorer eastern countries want to ensure their generous development and farm subsidies are not cut.Despite their fights on how to respond to the crisis, EU countries have already agreed on 500 billion euros of immediate rescue aid and the plan worth 1.85 trillion euros unveiled on Wednesday would come on top of that.
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