Angela Merkel: More time needed to discuss EU recovery fund

A videoconference among EU leaders Thursday wont result in a decision on the size of a planned coronavirus recovery fund, Angela Merkel said.

“A European economic recovery plan could support the necessary recovery over the next two years,” the German chancellor told the Bundestag in a speech ahead of Thursdays virtual summit, but added: “Our discussions today will not yet be about determining the details or deciding on the scope.”

Merkel said in the coming weeks the European Commission should examine “how the various sectors of the European economy are affected and what action is required as a result.”

Competing ideas have been floated for the recovery program ahead of the meeting. Spain proposed a fund of up to €1.5 trillion based on grants to EU countries, while other countries like Austria insist the money must be issued via loans that have to be paid back.

The European Commission has proposed that total recovery measures should total up to €2 trillion.

Merkel said the recovery fund should be linked to the next seven-year EU budget, rather than setting up a separate process, as FrancRead More – Source

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