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News > Belgium

European Commission Calls for EUR 750 Billion Recovery Fund

  •  European Commission President Ursula von der Leyen

    European Commission President Ursula von der Leyen | Photo: EFE

Published 27 May 2020
Opinion

The package will include grants and loans for each of the 27 EU Member States.

The European Union's Executive Commission proposed a 750 billion Euro recovery fund to help countries in the region cope with the unprecedented crisis caused by the new coronavirus.

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The package will include grants and loans for each of the 27 EU Member States.

The pandemic has devastated the economies of the countries of the bloc, but several southern states had large debts even before the crisis.

"This is Europe's moment," European Commission President Ursula von der Leyen said.

"Recovering the economy will not be easy. We can only lift it up together," von Der Leyen told the European Parliament. 

The Commission has called the plan the "New Generation of the EU". Without the support of all 27 EU member states, it cannot go forward. 

So far, Germany and France have backed plans for the money to be raised on the capital markets.

Spain and Italy, the EU countries that have suffered the most deaths, are particularly keen to see grants rather than loans.

Austria, the Netherlands, Denmark and Sweden reject the idea of cash grants to relatively poorer countries.

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