EC sets €2.4tr recovery package to heal pandemic-ravaged economies
Photo: EU Ursula von der Leyen.

EC sets €2.4tr recovery package to heal pandemic-ravaged economies

€500bn from the new Next Generation EU tool will be delivered as grants

In the face of the unprecedented Covid-19 crisis, the European executive tabled on Wednesday its proposal for a major recovery plan, composed by the revamped next 7-year EU budget and topped up with a new generous rescue instrument, named Next Generation EU. Revealing the new plan at the EP plenary, EC President Ursula von der Leyen said the whole bundle will total €1.85tr made up of  €1.1tr from MFF and €750bn – from Next Generation EU (€500bn of grants and €250bn –loans), plus €540bn coming from the three safety nets beefing up the sum up to €2.4tr.

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