The head of the EU’s executive commission says that the proposed new recovery fund is an 'ambitious answer' to Europe’s coronavirus challenge.
The European Union on Wednesday proposed a 750-billion-euro recovery fund to help countries weather a painful recession triggered by the coronavirus crisis and bridge divisions over what kinds of conditions should be attached to access to the money.
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.” Two-thirds of the money would take the form of flat-out grants, which many EU countries want, while the rest would be made up of more conditional loans, which some other bloc members advocate.in continental Europe — would each be eligible for about 80 billion euros in grants. France and Poland would have access to around 38 billion euros, while Germany could get 28 billion euros.The grants will not just be handed over.
Italy, Spain and Poland would also be eligible for additional tens of billions in loans, but the conditions for securing those funds are more onerous.
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