EU Edges Toward Massive Stimulus Package With New Proposal
- The plan calls for recovery fund worth 750 billion euros
- European leaders are in the fourth day of talks in Brussels
European Council President Charles Michel makes a statement prior to a round table meeting at an EU summit in Brussels on July 20.
Photographer: Francisco Seco/AFP via Getty ImagesThis article is for subscribers only.
European Union leaders are running over the final details of a 750 billion-euro ($858 billion) recovery fund to help the bloc overcome the economic fallout from the coronavirus pandemic as a marathon summit stretches into its fifth day.
European Council President Charles Michel distributed the latest plan on Monday evening. It would see the bloc’s executive arm raise debt on behalf of the entire EU with 390 billion euros to be distributed in the form of grants to pandemic-hit countries, according to a copy of the proposal seen by Bloomberg. The money will be repaid from the joint EU budget through 2058.