EU27 needs €2 trillion recovery package to tackle COVID-19 fallout

In a resolution on the post-2020 EU budget revision and economic recovery plans, MEPs demand a robust package, focused on citizens’ needs and building on the EU budget.

The resolution was adopted on Friday by 505 votes in favor, 119 against and 69 abstentions.

“European citizens must be at the heart of the recovery strategy”, MEPs stress, adding that Parliament will stand firm in defending citizens’ interests. The recovery efforts must have a strong social dimension, addressing social and economic inequalities and the needs of those hardest hit by the crisis.

Parliament insists that the new “recovery and transformation fund” must be of €2 trillion, be financed “through the issuance of long-dated recovery bonds” and be “disbursed through loans and, mostly, through grants, direct payments for investment and equity.” They urge the Commission not to use “dubious multipliers to advertise ambitious figures”, and not resort to “financial wizardry”, as the EU’s credibility is at stake.

(WBJ)