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EU Leaders Discuss $840B 'Next Generation EU' Initiative for COVID Recovery

VOA News

   European Union leaders on Friday agreed to meet again in mid-July to
   discuss the European Commission's coronavirus recovery measures,
   primarily powered by the proposed "Next Generation EU" plan.

   Friday's meeting was a videoconference of the leaders of the 27-nation
   bloc to discuss the [1]post-coronavirus recovery fund, put forth by the
   European Commission on May 27.

   To "repair the immediate economic and social damage" brought by the
   pandemic, the commission intends "Next Generation EU" to boost and
   reinforce the EU's long-term 2021-27 budget, expanding it to $2
   trillion.

   "Next Generation EU" will be an "exceptional and temporary" instrument.
   The commission will borrow up to $840 billion through the issuance of
   bonds over the course of 2021-24. The acquired funds will then be
   directed to EU priorities through grants and loans.

   "Next Generation EU" will be rolled out under three pillars: supporting
   member states' recovery, kickstarting the environment and helping
   private investment, and learning lessons from the crisis caused by the
   pandemic.

   More than 80 percent of the $840 billion will be used to support public
   investment where the crisis impact and resilience needs are the
   greatest among member states.

References

   1. https://ec.europa.eu/info/sites/info/files/factsheet_1_en.pdf

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