MEPs have been reacting to details of the EU’s new €750bn covid recovery proposals. The President of the European Commission, Ursula von der Leyen, unveiled details of the plans today in the European Parliament.
The European Commission is proposing using its “very strong” credit rating to borrow €750 billion on the financial markets for the recovery initiative which it’s calling Next Generation EU. The funds will go to help EU countries, regions and sectors of economies struggling with the fallout of the pandemic.
Ursula von der Leyen told the European Parliament today that the money will be invested across 3 pillars through 500 billion in grants and 250 billion in loans to member states.
The Green Party MEP for the Dublin constituency Ciarán Cuffe broadly welcomed the proposals.
Out words: European level