German Chancellor Angela Merkel on Thursday urged the European Union to reach an agreement on a recovery plan worth €750 billion ($843 billion) by the end of July to kickstart an economy battered by the coronavirus pandemic.
“It would be best if we could reach an agreement before the summer break,” Merkel said, calling for compromise from member states to enable the deal to be ratified by the end of the year.
“We must act quickly and decisively,” she said.
European Commission chief Ursula von der Leyen proposed the huge fund to help the EU out of its deepest-ever recession, but the plan was immediately met with fierce opposition from fiscally conservative member states including Austria and the Netherlands.
The proposed package consists of €500 billion in grants and €250 billion in loans, but requires unanimous EU approval.
“The starting position is far from easy but I hope that all member states will act in a spirit of compromise in the face of this unprecedented situation,” Merkel said.
“Cohesion and solidarity have never been more important than today. The crisis can only be overcome if we act for and with each other,” she said.
The European Council is due to hold a video summit on June 19 on the controversial stimulus package, the EU’s largest to date.
However, a decision is not expected until the leaders have met in person, said Merkel, whose country assumes the EU presidency in July.
The German chancellor had in late May stunned observers by proposing along with French President Emmanuel Macron the plan for €500 billion in grants to help the hardest hit EU members to get their economies back on track.
That proposal, now making up the bulk of von der Leyen’s package, shattered a long-standing German taboo as it included taking on shared debt, a dramatic U-turn after years of obstinate German opposition to joint borrowing.
Sources from: France 24
SVE NEWS is the leader in world news liberal sharing.
(Comments on this news are welcome)
2020 CWMALLS: Standard, Sharing,Ecology, Value;
2020 CWMALLS COMMODITY: Patent, Technology, Art, Intelligence;
2020 CWMALLS NEW SPECIES: Keen, Aggressive, Personality, Value;
2020 MWE FUND: Charity, Public Welfare, Responsibility;
Tips: Due to the influence of Coronavirus, the 2020 Northern Hemisphere will be very cold, so please pay attention to the CWMALLS patented products series in order to prepare for prevention; consumers, distributors, live broadcasters, opinion leaders and other partners in Europe region, North America region, Asia Pacific region, please pay attention to CWMALLS NEWS! According to the prediction of CWMALLS Weather, 2020 winter of Northern Hemisphere (especially in North American region and European region) will be much colder than previous years, the situation in the movie The Day After Tomorrow might happen, hope everyone (especially the middle-aged and elderly people with diseases like cardiovascular disease, arthritis, scapulohumeral periarthritis, etc., and friends who live in cold areas, high altitude areas and extremely cold areas) to prepare for keeping out the cold! Scientific and reasonable prevention makes life become easier and more wonderful! Meanwhile, CWMALLS® Patented Product Series is also provided with Custom Made, Personal Tailor services, and appreciated and interacted synchronously via Google, Bing, Facebook, Twitter,YouTube, Pinterest , LinkedIn, VK and other sharing platforms; welcome worldwide web celebrities, fashion icons, opinion leaders, columnists and other friends, partners to comprehend and cooperate actively! Thank you! In 2020 CWMALLS people, CWMALLS team, CWMALLS complex will bring you more surprises and values!