European formally unveiled an unprecedented stimulus package to day, to “to protect lives and livelihoods, repair the Single Market, as well as to build a lasting and prosperous recovery” after coronavirus pandemic. Total financial power is boosted to EUR 1.85 trillion, with “New Generation EU” instrument of EUR 750B, as well ass targeted reinforcements to the long term budget for 2021-2027.
There are three pillars in the Next Generation EU: Support to member states with investments and reforms; Kick-starting the EU economy by incentivising private investments; Addressing the lessons of the crisis. There will be a new Recovery and Resilience Facility of EUR 560B, with grant facility of up to EUR 310B and EUR 250B in loans. A new Solvency Support instrument will help unlock EUR 300B to support companies. A new Strategic Investment Facility will built into InvestEU to generate investments of up to EUR 150B.
European Commission President Ursula von der Leyen said: “The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment. This is Europe’s moment. Our willingness to act must live up to the challenges we are all facing. With Next Generation EU we are providing an ambitious answer.”
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