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The European Union’s executive arm laid out yesterday the details of a recovery package worth 750 billion euros, or about $826 billion, for its 27 member economies, especially those hit hardest by the coronavirus pandemic and lockdowns put in place to stop its spread.
Europe’s recovery effort will be difficult and expensive, as some of its economies are set to shrink as much as 10 percent this year. Germany and other wealthy countries have their own funds available to spend immediately to prop up their economies, but poorer European Union members need help.
The programme, which was presented by the European Commission president, Ursula von der Leyen, in an address to the European Parliament yesterday, hinges on using its own budget to issue bonds in international capital markets, and then distributing the proceeds according to members’ needs.
It is seen as a breakthrough for the bloc’s integration, even if it is a one-off. —nytimes.com
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