The European Commission unveiled a plan to disburse 750 billion euros to EU countries in grants and loans to help them recover from their coronavirus slump
BRUSSELS - The European Union’s executive unveiled a 750 billion euro plan on Wednesday to prop up economies hammered by the coronavirus pandemic, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc.
The European Commission’s proposal drew positive reactions from Paris, Berlin, Rome and Madrid, as well as the European Parliament. The chairman of EU leaders said they should aim to finalise an agreement before the summer break. 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.But fiscally conservative northern countries have resisted pressure from a “Club Med” group to take on mutual debt to protect the EU’s single market of 450 million people from being splintered by divergent economic growth and wealth levels.
“There are countries that must pay, like the Netherlands, the Swedes, the Danes and us. We therefore, out of responsibility to our taxpayers, say clearly that we are in favour of loans,” said Austrian Chancellor Sebastian Kurz. 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.
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