EU proposes 750 billion-euro coronavirus recovery fund
Source: The Detroit News
Lorne Cook, Associated Press Published 8:10 a.m. ET May 27, 2020 | Updated 8:14 a.m. ET May 27, 2020
Brussels – The head of the European Union’s executive commission says that the proposed new recovery fund is an “ambitious answer” to Europe’s coronavirus challenge.
The commission is proposing a 750 billion-euro ($825 billion) recovery fund to help the bloc’s economy through the painful recession triggered by the coronavirus pandemic.
Unveiling the package to EU lawmakers, European Commission President Ursula von der Leyen said: “This is Europe’s moment. Our willingness to act must live up to the challenges we are all facing.” She said that the fund, dubbed Next Generation EU, is “providing an ambitious answer.”
Von der Leyen said that two thirds of the fund will be made up of grants available to EU countries, with the remaining third loans.
The 27-nation EU remains deeply divided over what conditions should be attached to the funds, and the commission proposal is likely to set off weeks of wrangling.
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