The Fine Gael MEP Sean Kelly has welcomed today’s proposals by the EU for a seven hundred and fifty billion euro (€750bn) Covid rescue fund.
The President of the European Commission, Ursula von der Leyen today outlined some broad details of the rescue proposals which she’s calling ‘Next Generation EU’.
The Commission wants to borrow €750 billion on the financial markets. The monies raised would then need to be repaid through future EU budgets not before 2028 and not after 2058.
Ursula von der Leyen told the European Parliament that the money will be invested across 3 pillars through 500 billion in grants and 250 billion in loans to member states.
The proposals will have to be approved by all 27 EU countries including the so-called frugal four who’ve been against the idea of giving grants instead of loans to those urgently needing funds.
Here’s Sean Kelly.