EU agrees budget, recovery plan needed to beat virus impact
4 years, 8 months ago

EU agrees budget, recovery plan needed to beat virus impact

Associated Press  

BRUSSELS — European Union leaders agreed Thursday to revamp the EU’s long-term budget and set up a massive recovery fund to tackle the impact of the coronavirus and help rebuild the 27-nation bloc’s ravaged economies, but deep differences remain over the best way to achieve those goals. “There is only one instrument that can deliver this magnitude of task behind the recovery and that is the European budget clearly linked to the recovery fund,” European Commission President Ursula von der Leyen said. Von der Leyen said that the budget “investment should be front loaded in the first years and of course it is necessary to find the right balance between grants and loans.” When asked what amount of money might be found with some adjustments, she said: “we’re not talking about billion, we’re talking about trillion.” Even before these new funds are agreed, the EU’s institutions and member countries combined have mobilized around 3.3 trillion euros for overburdened health services, suffering small businesses, embattled airlines or wage support for people unable to work. French President Emmanuel Macron welcomed that the summit found “a consensus on a fast response and a strong one.” “It is true that there are disagreements on the mechanism,” Macron said, and he insisted that the EU “will need real economic budgetary transfers, not simply only loans, but transfers to the worst affected regions and sectors.” Even Italian Premier Giuseppe Conte, under huge domestic pressure, welcomed the progress.

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History of this topic

EU releases blocked funds of $6.7 billion to Poland as part of its post-pandemic recovery package
8 months, 3 weeks ago

EU releases blocked funds of $6.7 billion to Poland as part of its post-pandemic recovery package

Associated Press  

WARSAW, Poland — The European Union disbursed 6.3 billion euros to Poland as a part of the 27-nation bloc’s post-pandemic recovery fund, the biggest single transfer ever to the country, a government minister said Monday. Poland’s former national conservative governmen t, voted out of power in October, made changes to the judiciary which the EU said violated democratic checks and …

Poland set to get more than 5 billion euros in EU money after commission approves recovery plan
1 year, 1 month ago

Poland set to get more than 5 billion euros in EU money after commission approves recovery plan

Associated Press  

BRUSSELS — Poland is set to receive more than 5 billion euros in EU funds after the European Commission gave a positive assessment Tuesday of the country’s revised recovery plan that includes green reforms and investments. The 5.1 billion euros pre-financing is part of the bloc’s REPowerEU program aimed at helping the 27 EU nations recover from the energy crisis …

EU will continue to fund the Palestinians as probe shows no money is reaching Hamas
1 year, 1 month ago

EU will continue to fund the Palestinians as probe shows no money is reaching Hamas

Associated Press  

BRUSSELS — The European Union will continue to provide substantial amounts of financial aid to the Palestinians after an investigation found that no money has been diverted to the militant group Hamas, the EU’s executive branch said Tuesday. The review of the use of hundreds of millions of euros’ worth of development assistance meant to help the Palestinians fight poverty …

European Union to set up platform for Ukrainian reconstruction
2 years, 6 months ago

European Union to set up platform for Ukrainian reconstruction

Live Mint  

The European Union will set up a reconstruction platform to coordinate the rebuilding of Ukraine after its war with Russia, Ursula von der Leyen, President of the European Commission said on Monday. The platform will be used to map investment needs, coordinate action and channel resources, von der Leyen told the Ukraine Recovery Conference in the Swiss city of Lugano. …

EU approves Poland recovery fund, paving way to pay billions
2 years, 7 months ago

EU approves Poland recovery fund, paving way to pay billions

Associated Press  

BRUSSELS — The European Union’s executive branch on Wednesday approved Poland’s pandemic recovery fund, paving the way for the release of billions of euros in grants and loans, even as lawmakers expressed deep unease about democratic backsliding in the country. The announcement came after a centrist group in the European Parliament demanded an “urgent” explanation Wednesday amid reports the Commission …

EU unveils 210 billion euro plan to ditch Russian fossil fuels, as the war in Ukraine puts pressure on energy supplies
2 years, 7 months ago

EU unveils 210 billion euro plan to ditch Russian fossil fuels, as the war in Ukraine puts pressure on energy supplies

ABC  

The European Commission has unveiled a 210 billion-euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy. Key points: The EU says it will invest 210 billion euros into extra energy investments by 2027 It is part of a three-pronged plan …

Greece gets 3.6 billion euros from European recovery fund
2 years, 9 months ago

Greece gets 3.6 billion euros from European recovery fund

Associated Press  

ATHENS, Greece — Greece has received a 3.6 billion euro payment out of its allotted 30.5 billion from the European Union’s pandemic recovery fund. The announcement was made Friday by Valdis Dombrovskis, the European Commission’s executive vice president, via video link with Greek Prime Minister Kyriakos Mitsotakis. The European recovery and resilience fund provides vital relief for Greece, which had …

Dutch finally publish first draft of EU recovery fund plans
2 years, 9 months ago

Dutch finally publish first draft of EU recovery fund plans

Dutch News  

Finance minister Sigrid Kaag has published a list of measures which the government wants to fund with money from the EU’s coronavirus recovery fund, all of which were part of the coalition agreement. Part of the package focuses on measures to help the environment, including the introduction of a carbon tax on heavy industry, a tax on airline tickets, the …

Dutch finally publish first draft of EU recovery fund plans
2 years, 9 months ago

Dutch finally publish first draft of EU recovery fund plans

Dutch News  

Finance minister Sigrid Kaag has published a list of measures which the government wants to fund with money from the EU’s coronavirus recovery fund, all of which were part of the coalition agreement. Part of the package focuses on measures to help the environment, including the introduction of a carbon tax on heavy industry, a tax on airline tickets, the …

NL may get over €1bn less from EU coronavirus recovery funds
2 years, 11 months ago

NL may get over €1bn less from EU coronavirus recovery funds

Dutch News  

The Netherlands may receive more than €1bn less than expected from European coronavirus recovery funds because the economy has performed better than earlier estimates indicated, finance minister Sigrid Kaag told MPs on Friday The Netherlands had expected some €6bn from Brussels and €5.8bn had been used in calculations for drawing up the new government spending plans. However, the real figure …

NL may get over €1bn less from EU coronavirus recovery funds
2 years, 11 months ago

NL may get over €1bn less from EU coronavirus recovery funds

Dutch News  

The Netherlands may receive more than €1bn less than expected from European coronavirus recovery funds because the economy has performed better than earlier estimates indicated, finance minister Sigrid Kaag told MPs on Friday The Netherlands had expected some €6bn from Brussels and €5.8bn had been used in calculations for drawing up the new government spending plans. However, the real figure …

EU nations approve a dozen pandemic recovery plans
3 years, 5 months ago

EU nations approve a dozen pandemic recovery plans

The Hindu  

approved the pandemic recovery plans of the bloc's four biggest economies and eight other member countries Tuesday, a move seen as a bellwether for an economic revival from the unprecedented recession caused by the coronavirus pandemic. In the case of France, which is to get some 40 billion euros USD 47.3 billion from the pandemic recovery fund, that would amount …

EU nations approve a dozen pandemic recovery plans
3 years, 5 months ago

EU nations approve a dozen pandemic recovery plans

Associated Press  

BRUSSELS — European Union nations approved the pandemic recovery plans of the bloc’s four biggest economies and eight other member countries Tuesday, a move seen as a bellwether for an economic revival from the unprecedented recession caused by the coronavirus pandemic. In the case of France, which is to get some 40 billion euros $47.3 billion from the pandemic recovery …

Can pandemic recovery plan end Italy’s years of stagnation?
3 years, 6 months ago

Can pandemic recovery plan end Italy’s years of stagnation?

Associated Press  

MILAN — The COVID-19 pandemic hit Italy especially hard, killing more than 127,000 people and sending the European Union’s third-largest economy into a devastating tailspin. “The truth is, if they don’t nurture a system and if research doesn’t also include technology transfers, it will be difficult to have a large number of Italian researchers returning to Italy,” she said. Just …

Can pandemic recovery plan end Italy's years of stagnation?
3 years, 6 months ago

Can pandemic recovery plan end Italy's years of stagnation?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The COVID-19 pandemic hit Italy …

EU endorses massive pandemic relief for recession-hit Greece
3 years, 6 months ago

EU endorses massive pandemic relief for recession-hit Greece

Associated Press  

ATHENS, Greece — The European Union Thursday endorsed a pandemic recovery plan for Greece worth 30.5 billion euros, providing vital relief for the eurozone member’s shaken economy. European Commission President Ursula von der Leyen formally announced the approval of Greece’s “recovery and resilience” plan at a ceremony under the Acropolis in Athens, providing 12.7 billion euros in loans and 17.8 …

Let the recovery begin: EU chief OKs first virus plans
3 years, 6 months ago

Let the recovery begin: EU chief OKs first virus plans

Associated Press  

MADRID — The European Union moved a step closer Wednesday to deploying the bloc’s massive pandemic recovery fund, with a top executive going to Portugal and Spain to announce the bloc’s initial endorsement of their national spending plans. European Commission President Ursula von der Leyen first visited Portugal, which was the first of the EU’s 27 countries to formally present …

EU raises €20 billion in 10-year bond to fund virus recovery
3 years, 6 months ago

EU raises €20 billion in 10-year bond to fund virus recovery

Associated Press  

BRUSSELS — The European Commission said on Tuesday it has raised €20 billion through a 10-year bond as part of its plans to finance the 27-nation bloc’s recovery from the coronavirus crisis. EU Commission president Ursula von der Leyen said the inaugural transaction of the NextGeneration EU program is the largest ever institutional bond issuance in Europe. Von der Leyen …

The Netherlands receives €220 million in EU recovery package
3 years, 8 months ago

The Netherlands receives €220 million in EU recovery package

NL Times  

This year the Netherlands was granted 220 million euros from the European Union to support vulnerable people in the job market during the pandemic. Starting on Monday, labor market regions can apply for subsidies to help fund projects surrounding training initiatives to help return people to work. The support package is also intended to help guide students in practical schooling …

EU aims to release virus recovery fund billions by summer
3 years, 10 months ago

EU aims to release virus recovery fund billions by summer

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Top European Union officials on …

EU lawmakers OK $815 billion recovery program
3 years, 10 months ago

EU lawmakers OK $815 billion recovery program

Associated Press  

BRUSSELS — European Union lawmakers on Wednesday approved a 672.5 billion euro recovery package of loans and grants to help member nations recover more quickly from the coronavirus pandemic, but countries will not receive the money for several months. The European Parliament voted 582-40, with 69 abstentions, in favor of the regulation for the Recovery and Resilience Facility, the central …

Dutch PM criticized over EU Covid recovery fund
4 years, 4 months ago

Dutch PM criticized over EU Covid recovery fund

NL Times  

Prime Minister Mark Rutte faced a lot of criticism in the parliamentary debate on the European Union coronavirus recovery fund. The recovery fund will contain 750 billion euros - 390 billion euros in subsidies, and 360 billion in loans to individual countries. The D66 was critical of the months of arguments and fights that preceded the agreement on the recovery …

European Union to Give €1.65 Million to Support Victims of Floods in South Asia
4 years, 4 months ago

European Union to Give €1.65 Million to Support Victims of Floods in South Asia

News 18  

The European Union on Tuesday said it is providing 1.65 million euro in humanitarian aid in response to severe flooding that has affected South Asia most notably Bangladesh, India and Nepal. The funding comes on top of the 1.8 million euro announced earlier this year to support families affected by a series of disasters, including Cyclone Amphan that ravaged India …

Global Markets: EU recovery fund lifts shares to five-month high
4 years, 5 months ago

Global Markets: EU recovery fund lifts shares to five-month high

Live Mint  

World shares climbed to their highest since February and the euro briefly hit its strongest since March on Tuesday, after European Union leaders sealed a 750 billion-euro post-pandemic recovery plan after marathon talks. News of the EU deal, which includes 390 billion euros of grants, down from an initially proposed 500 billion, along with 360 billion of low-interest loans, pushed …

European Union leaders reach deal on 750 billion euro recovery fund
4 years, 5 months ago

European Union leaders reach deal on 750 billion euro recovery fund

Live Mint  

European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies at a pre-dawn meeting on Tuesday after a fractious summit that went through the night and into its fifth day. Officials said the deal, which came after Michel presented compromises on a 750 billion euro recovery fund, is critical to dispel doubts about the bloc's …

EU leaders agree on $860bn joint-debt economic relief package
4 years, 5 months ago

EU leaders agree on $860bn joint-debt economic relief package

Al Jazeera  

Deal follows days of rancour over the proportion of grants compared to loans repayable by the fund’s beneficiaries. The deal will see the EU issue 750 billion euros of joint debt to help member states mitigate the economic downturn. Italian Prime Minister Giuseppe Conte said his country expects to receive 28 percent of the 750 billion euro emergency fund, comprising …

Stocks: EU recovery deal could tempt investors
4 years, 5 months ago

Stocks: EU recovery deal could tempt investors

CNN  

London CNN Business — Investors eying Europe for opportunities as it continues to recover from the Covid-19 pandemic have another reason to pump money in the region. The headline figure was reduced to appease a group of fiscally conservative northern European nations — Austria, the Netherlands, Sweden and Denmark — known as the “Frugal Four.” But the agreement is still …

Coronavirus EU bailout came ‘close to failure’ but new compromise being drawn up
4 years, 5 months ago

Coronavirus EU bailout came ‘close to failure’ but new compromise being drawn up

Dutch News  

The EU summit on a coronavirus bailout package ended early on Monday morning without success so far, reports NOS. ‘The conversations last night made progress on a few things,’ prime minister Mark Rutte said in a briefing on Monday morning. ‘It looks a bit more hopeful than when I thought last night: it’s over.’ The heads of all 27 EU …

Coronavirus EU bailout came ‘close to failure’ but new compromise being drawn up
4 years, 5 months ago

Coronavirus EU bailout came ‘close to failure’ but new compromise being drawn up

Dutch News  

The EU summit on a coronavirus bailout package ended early on Monday morning without success so far, reports NOS. ‘The conversations last night made progress on a few things,’ prime minister Mark Rutte said in a briefing on Monday morning. ‘It looks a bit more hopeful than when I thought last night: it’s over.’ The heads of all 27 EU …

Still no deal on EU coronavirus recovery fund; Debate continues today
4 years, 5 months ago

Still no deal on EU coronavirus recovery fund; Debate continues today

NL Times  

After a weekend of tense discussions on an economic recovery fund to help European Union countries hit hard by the coronavirus pandemic, the 27 EU leaders still have not come to an agreement. Dutch Prime Minister Mark Rutte said that European Council president Charles Michel is working on a new compromise "and progress is being made", but added that the …

EU extends summit after deadlock over coronavirus recovery plan
4 years, 5 months ago

EU extends summit after deadlock over coronavirus recovery plan

Al Jazeera  

European Union leaders failed to agree on a massive stimulus fund to revive their coronavirus-hammered economies on Saturday after two days of fraught negotiations, but extended their summit for another day to try and overcome their differences. As the 27 leaders scurried back to their hotels after a late, inconclusive dinner, German Chancellor Angela Merkel and French President Emmanuel Macron …

No deal in sight; EU leaders haggle over budget, virus fund
4 years, 5 months ago

No deal in sight; EU leaders haggle over budget, virus fund

Live Mint  

European Union leaders hunted for compromises Saturday on the second day of a summit to reach a deal on an unprecedented 1.85 trillion euro EU budget and coronavirus recovery fund, with tensions running high among leaders weary after months of battling the pandemic. Austrian Chancellor Sebastian Kurz said Saturday afternoon that there was “movement in the right direction,” the Austria …

EU leaders far from deal on budget and virus recovery fund
4 years, 5 months ago

EU leaders far from deal on budget and virus recovery fund

Associated Press  

BRUSSELS — European Union leaders headed into Saturday, the scheduled final day of their summit, about as far apart from reaching a deal on an unprecedented 1.85 trillion euro EU budget and coronavirus recovery fund as the seating distance imposed upon them for health reasons. After two full sessions, summit host and European Council President Charles Michel worked with individual …

EU coronavirus recovery negotiations will take time, cautions Dutch PM
4 years, 7 months ago

EU coronavirus recovery negotiations will take time, cautions Dutch PM

Dutch News  

The Netherlands is involved in ‘intensive and constructive’ contact with other EU countries and members of the European Commission about plans to set up a multi billion euro coronavirus recovery fund, prime minister Mark Rutte told reporters on Wednesday evening. Encouraged Austria’s chancellor Sebastian Kurz told Politico.eu that he and the other leaders of the frugal four group have been …

EU coronavirus recovery negotiations will take time, cautions Dutch PM
4 years, 7 months ago

EU coronavirus recovery negotiations will take time, cautions Dutch PM

Dutch News  

The Netherlands is involved in ‘intensive and constructive’ contact with other EU countries and members of the European Commission about plans to set up a multi billion euro coronavirus recovery fund, prime minister Mark Rutte told reporters on Wednesday evening. Encouraged Austria’s chancellor Sebastian Kurz told Politico.eu that he and the other leaders of the frugal four group have been …

European Union unveils $824bn coronavirus recovery plan
4 years, 7 months ago

European Union unveils $824bn coronavirus recovery plan

Al Jazeera  

Package seeks to avoid a further splintering of economic growth and wealth levels among EU’s 27 member states. The European Commission on Wednesday released details of a coronavirus economic relief package for member countries worth 750 billion euros. The blueprint envisions borrowing the funds and disbursing them as grants and loans to member states, with the lion’s share of aid …

€750bn plan to fund recovery is 'defining moment' for Europe
4 years, 7 months ago

€750bn plan to fund recovery is 'defining moment' for Europe

The Telegraph  

Speaking to the European Parliament in Brussels, Mrs der Leyen said: “Today we face our very own defining moment. The plan requires unanimous support among the 27 EU member states and is opposed by fiscally conservative member states. That stance has reopened wounds left from the financial crisis among some southern member states, which were forced to swallow tough terms …

EU plans to raise $825 billion for coronavirus relief
4 years, 7 months ago

EU plans to raise $825 billion for coronavirus relief

CNN  

London CNN Business — The European Commission has proposed giving hundreds of billions of euros to EU countries that have seen their economies devastated by the coronavirus pandemic, an unprecedented relief effort designed to ensure parts of the bloc aren’t left behind when the recovery comes. “We all understand the crisis is so huge we have to take unusual steps …

The EU is still divided over coronavirus relief. That could tear it apart
4 years, 7 months ago

The EU is still divided over coronavirus relief. That could tear it apart

CNN  

London CNN Business — A fight over how to fund the European Union’s recovery from the coronavirus pandemic is stoking tensions between wealthier and poorer countries, threatening to delay the region’s economic rebound and unleash political and financial forces that could pull the bloc apart. If we have another asymmetric recovery, then it will be very bad for the EU.” …

Germany and France propose 500 billion euro EU recovery fund
4 years, 7 months ago

Germany and France propose 500 billion euro EU recovery fund

CNN  

London CNN Business — Germany and France unveiled an initiative Monday aimed at rescuing the European Union from the toughest crisis in its history and bridging the deep national divisions that have stalled progress on a pandemic recovery fund. After meeting via videoconference, German Chancellor Angela Merkel and French President Emmanuel Macron proposed the creation of a recovery fund worth …

France and Germany back €500bn fund to help save EU
4 years, 7 months ago

France and Germany back €500bn fund to help save EU

The Telegraph  

France and Germany have proposed a €500bn recovery fund for struggling European Union economies as they battle to quell bitter infighting over the bloc's halting response to the Covid-19 catastrophe. Under new plans presented by French president Emmanuel Macron and German chancellor Angela Merkel, the 27 EU members would borrow jointly on financial markets to offer grants rather than loans …

EU agrees first part of coronavirus economic rescue, but job not done yet
4 years, 8 months ago

EU agrees first part of coronavirus economic rescue, but job not done yet

The Hindu  

Euro zone governments gave their final approval on Friday to the first part of a 540 billion-euro rescue plan for states hit hard by the coronavirus pandemic, although other elements of the rescue package have yet to be agreed on. Finance ministers of the 19-nation region signed off on the details of cheap, long-term credit lines that will be made …

Europe risks botching its big plans to rescue the economy
4 years, 8 months ago

Europe risks botching its big plans to rescue the economy

CNN  

London CNN Business — Europe’s ability to recover from the worst economic shock it has seen since the Great Depression is being jeopardized by the reopening of old political and legal wounds that could threaten trillions of euros in stimulus money. The pain could be even worse than forecast, according to EU officials, who warned that “a more severe and …

'We will work constructively' Dutch PM says of EU recovery fund plan
4 years, 8 months ago

'We will work constructively' Dutch PM says of EU recovery fund plan

Dutch News  

European leaders on Thursday agreed to support earlier agreed plans for a €540bn immediate bail-out package to help pay for job maintenance and medical costs during the coronavirus crisis. They also agreed that the European Commission should take the lead in developing a recovery fund to help member states’ economies get back up to steam once lockdown measures are eased. …

'We will work constructively' Dutch PM says of EU recovery fund plan
4 years, 8 months ago

'We will work constructively' Dutch PM says of EU recovery fund plan

Dutch News  

European leaders on Thursday agreed to support earlier agreed plans for a €540bn immediate bail-out package to help pay for job maintenance and medical costs during the coronavirus crisis. They also agreed that the European Commission should take the lead in developing a recovery fund to help member states’ economies get back up to steam once lockdown measures are eased. …

Europe plans trillion-euro fund to rebuild its economy
4 years, 8 months ago

Europe plans trillion-euro fund to rebuild its economy

CNN  

London CNN Business — EU leaders have agreed to create a fund that could raise at least 1 trillion euros to rebuild regional economies ravaged by the coronavirus pandemic. “This fund shall be of a sufficient magnitude, targeted towards the sectors and geographical parts of Europe most affected, and be dedicated to dealing with this unprecedented crisis,” leaders of the …

Europe commits to €500 billion coronavirus support package; "Sensible and solidary", Dutch FM says
4 years, 9 months ago

Europe commits to €500 billion coronavirus support package; "Sensible and solidary", Dutch FM says

NL Times  

After a failed marathon meeting of some 16 hours on Tuesday, the Eurogroup managed to come to an agreement to help the EU countries most affected by the coronavirus crisis. The agreement "was not without a struggle", Minister Wopke Hoekstra of Finance said to NU.nl, but he is satisfied with the package, calling it "sensible and solidary". The European Finance …

Europe has a rescue package. But who’s going to pay for its coronavirus recovery?
4 years, 9 months ago

Europe has a rescue package. But who’s going to pay for its coronavirus recovery?

CNN  

London CNN Business — EU finance ministers have approved €500 billion in stimulus measures designed to cushion the blow to their economies from the coronavirus pandemic, while leaving open the difficult question of how to pay for the region’s recovery. The deal was announced Thursday after weeks of back and forth over how to address the crisis, a bruising process …

EU ministers fail to agree virus economic rescue in lengthy talks
4 years, 9 months ago

EU ministers fail to agree virus economic rescue in lengthy talks

Al Jazeera  

Sixteen-hour all-night talks fail to produce results, with a reported clash between Italy and the Netherlands. European Union finance ministers failed to agree in all-night talks on more support for their coronavirus-hit economies, and their chairman said on Wednesday morning he was suspending the discussions until Thursday. The Dutch say ‘no’.” An official who participated in the talks said at …

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