Germany and France on Monday proposed a European Recovery Fund worth €500 billion to tackle the economic fallout from the coronavirus pandemic.
"We have to act - we have to act European so that we can get out of this crisis well," German Chancellor Angela MerkelThe idea is that the funds will be raised and distributed by EU's executive body, the European Commission, and be handed out in the form of grants to sectors like travel and hospitality, which have been ravaged by the pandemic.
Such a plan would require consent of all 27 EU countries, with some already indicating that they will not back it. "We view the French-German proposal as a very significant step forward in the European institutional architecture. If adopted as outlined, the grant-based recovery fund will be of similar importance as the Marshall Plan was for the receiving countries in the late 1940s/early 1950s."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Whenever a word “Marshall Plan” appears instantly a question pops out: how fair is it going to be to each of EU economies?
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PHOTOS: Look inside a pre-Revolutionary war mansion in Charleston - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Citi CEO Corbat memo on day off work in light of coronavirus efforts - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Citi CEO Corbat memo on day off work in light of coronavirus efforts - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Yeah I'm sure thats why 🙄 Oh, is he going to pay them all to take the day off? or is this just a 1 day furlough?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Coronavirus: UK buying Trump's Hydroxychloroquine to test if it works - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Bullshit. They are buying it up in a scheme. Your job is to figure out and report the scheme, not regurgitate the obvious. 🤦♂️ Well done. Glad to help 🇮🇳
Source: BusinessInsider - 🏆 729. / 51 Read more »