European Commissioner for Internal Market and Services Thierry Breton said a package of EUR 1.6 trillion could be needed to help Europe’s economy recover from impact of coronavirus. That would represent some 10% of EU GDP. His top priority is to help small-and-medium businesses while a “Marshall plan” is required to help the tourism industry.
EU leaders are expected to meet on Thursday, by video conference. But it’s doubtful is there would be any conclusion on the way to finance the economic rescue package. It’s reported that the Commission prefers to finance the recovery fund via increased joint budget for 2021-27. Germany is said to support the financing through a larger EU budget and issuance of joint debt. But many details are still missing.
