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EU Considers Financing 2 Trillion Euros To Recover From The Economic Crisis

The European Commission is considering a plan to finance € 2 trillion (about US $ 2.15 trillion) to recover the recession of the European economy caused by the Wuhan pneumonia pandemic.

According to an internal note of the EU Executive Board, the long-term budget for the EU 2021-2027 period and a new fund, called the "Recovery Tool" fund, will be used to restore in the European economy.

The Commission can borrow 320 billion euros (nearly 350 billion USD) in the market, and then lend to EU governments about half that amount. The rest of the loan will be part of the EU's long-term budget and will be repaid by EU governments after 2027 over a long period, or repaid through additional future income to the budget. 

The EU, for example, in the form of new EU taxes. A portion of the money may be given to member states as sponsors.
There is also another 200 billion euros (about 215 billion USD) in the budget for the Restoration and Reconstruction Facility, and an additional 50 billion euros (nearly 55 billion USD) in associated funds - the amount usually used to balance living standards in the 27th EU countries - will be used first to spend in 2021-22.

According to the notes, EU leaders can approve a legal document for this plan in June to allow the "Recovery Tool" to take effect immediately and the next long-term budget of The EU will enter into force on 1 January 2021.

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