The EC allocates 750 billion euros to combat the economic consequences of the pandemic

Europe is trying to defeat the economic difficulties caused by the global pandemic.

The EC allocates 750 billion euros to combat the economic consequences of the pandemic

The European Commission decided to allocate 750 billion euros. They will be spent on the economic recovery of the European Union after the coronavirus pandemic.

The head of the European Commission, Ursula von der Leyen, will propose this plan for consideration today, writes Bloomberg. The coronavirus pandemic has dealt a severe blow to the EU economy, and the GDP of the region’s most affected countries is projected to fall by 10% this year.

The assistance package will focus mainly on investments and reforms, as well as the development of the health system in the poorest EU countries. In addition, part of the funds will be used to support the stock market and private investment in the form of guarantees for viable companies, as well as strategically important sectors of the economy, such as infrastructure, technology and healthcare.

The implementation of this plan will require the approval of all 27 EU member states and may be a historic moment for the economic bloc, in which the sharing of the financial burden between the countries has always been a stumbling block, hindering deeper integration. It should also reduce concerns that the lack of solidarity between EU countries will continue to contribute to the growth of political populism in the region.

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