‘Defining moment’ as EU executive pushes for €500bn in grants
Plan to help EU states hardest hit by coronavirus faces resistance from ‘frugal four’
The European Union executive has called for a €750bn (£671bn) recovery plan to help the hardest hit countries find a way out of the unprecedented economic downturn caused by the pandemic.
The European commission president, Ursula von der Leyen, said the EU faced a defining moment, never seen in its 70-year history. “The crisis has huge externalities and spillovers across all countries and none of that can be fixed by any single country alone.”