EU: 750 billion EU to support the european economy

Wednesday 27th May 2020 - 18:20

EU: 750 billion EU to support the european economy

follow-up - INA

 

 European Commission President Ursula von der Leyen announced today, Wednesday, the presentation of an exceptional 750 billion euro aid plan to support the European economy affected by the Covid-19 epidemic.

 "The aid plan is based on a revised draft of a long-term budget for the European Union, which will be supported by extensive loans issued by the Commission on behalf of the European Union, of an unprecedented size," Leyen said.

 Leyen also has proposed 750 billion euros to finance the recovery plan, according to European Commissioner for Economic Affairs Paolo Gentolini.

 This amount is distributed among 500 billion euros of subsidies, the amount proposed in the Franco-German project for recovery.  The rest of the amount will be distributed in the form of loans to member states, according to identical European sources.