Whatever its content, the commission’s plan is likely to spark heated debate and the EU does not have time for the wrangling to drag on. The new budget period begins on Jan 1, and countries across the bloc are desperate for funds now. All 27 member countries must agree for the recovery fund to take […]
BRUSSELS: The European Commission will on Wednesday unveil a plan to help the EU economy recover from its coronavirus slump with a mix of grants, loans and guarantees exceeding 1 trillion euros that raised controversy even before it was announced. The aim is to help countries and sectors worst hit by the COVID-19 pandemic recover […]
* HOW MUCH MONEY WOULD BE AVAILABLE The European Commission proposed a 1.1 trillion euros budget for the bloc for 2021-27 and an attached Recovery Fund worth 750 billion euros – 500 billions of that would be made available as free grants and the rest as repayable loans to member states.
Resources for that would come from the bloc’s budgets from 2028 that are replenished with the usual fees from member states, some existing EU taxes as well as new levies the Commission eyes on CO2 emissions, digital transactions or imports carbon footprint.
The Swiss-based operating company Nord Stream 2 had said the EU rules, which require separate companies to build, operate and own pipelines, would weaken the basis for funding the project. It turned to the courts to annul a relevant EU gas directive amendment adopted last year.
A draft of the climate measures in the recovery plan – which will be funded by the bloc’s long-term budget and a fresh EU recovery fund – includes plans to transform Europe’s building stock to curb energy use, cut consumers’ bills and quickly create jobs in construction.
Any agreement between London and the Commission would need the approval of all the bloc’s member states to come into effect, and France’s EU affairs minister, Amelie de Montchalin, said there was currently no reason for it to change its position on fisheries.
WARSAW (Reuters) – Poland is preparing for difficult talks with the European Union over a planned recovery fund, a deputy prime minister was quoted on Wednesday as saying, amid government fears that Warsaw may become a net contributor, not a net beneficiary, of the fund.
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France and Germany said on Monday that, as well as the recovery fund, they were proposing to allow the European Commission to borrow money on financial markets in the European Union’s name while at the same time respecting the bloc’s treaties.