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The Presidents of the European Commission and the European Parliament's Committee on Budgets have given their support for the Franco-German compromise proposal for a € 500 billion corona recovery fund. But Macron and Merkel's proposal is not taken over literally.
A European recovery fund is urgently needed to avoid a major recession, some MEPs said during an informal meeting with European journalists. During a webinar, EP members welcomed the recent Franco-German proposal for a € 500 billion recovery fund. They also reiterated the EP position on such a recovery plan, that it should be part of the regular EU procedures and not become some new, separate piggy bank.
Johan Van Overtveldt (ECR), the Belgian chairman of the EP budget committee, warned of the deteriorating economic situation and urged urgent action: “Covid-19 is still a major health crisis, but we realize that it is slowly turning into a severe recession . If we don't stop the recession as soon as possible, we can be confronted with what I call a new financial hurricane, ”says Van Overvelt.
European Commission President Ursula von der Leyen will present a new proposal for both a multi-annual budget and a corona recovery plan during a debate in the European Parliament on Wednesday afternoon, May 27. The European Commission will not copy the Franco-German support plan of EUR 500 billion. The new EU multi-year budget, coupled with a European recovery fund, will have to be a balance of loans, subsidies and grants, it is emphasized in Brussels.
French President Emmanuel Macron and German Chancellor Angela Merkel spoke Monday of "a short-term plan" to help industry and regions scramble up. The Netherlands “takes good note” of the Franco-German plan but does not give an official response and waits for the Commission proposal. The Hague is known to be against gifts. According to Austrian Chancellor Sebastian Kurz, the position of the so-called “economical four” countries of Austria, the Netherlands, Sweden and Denmark has remained unchanged.
