The aid program — especially the 500 billion euros allocated for grants — would offer critical support to the region’s hardest hit economies like Spain, Italy and Greece, which are projected to shrink by almost 10% this year. These countries have also been constrained by dangerously high debt levels while their peers in the north have been able to use national budgets straight away to support companies and workers.
France and Germany, the countries that first agreed the plan should be anchored by grants rather than loans, have been lobbying governments across the bloc to figure out what it will take to bridge the differences.The debate is further complicated by the fact that the proposed recovery fund will have to be agreed alongside the EU’s next long-term budget, which is set to kick in next year. Negotiations over the seven-year spending plan were already testy before the pandemic struck.
Underpinning it all are the long-standing differences over how far and on what basis EU members are willing to pool their finances and ultimately their sovereignty.
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