The EU budget powering the recovery plan for Europe published by European Commission (5/2020)
“Building on the considerable progress that has already been made in the European Parliament and the Council, the Commission now proposes to deploy a reinforced EU budget to help repair the immediate economic and social damage brought by the coronavirus pandemic, kickstart the recovery and prepare for a better future for the next generation.
To mobilise the necessary investments, the Commission is putting forward a two-fold response:
Next Generation EU to boost the EU budget with new financing raised on the financial markets for 2021-2024
Reinforced long-term budget of the European Union for 2021-2027
Next Generation EU of €750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to €1.85 trillion.
Together with the three important safety nets for workers, businesses and sovereigns endorsed by the European Council on 23 April 2020 and amounting to a package worth €540 billion, these exceptional measures taken at the EU level would reach more €1.290 trillion…”
