EU leaders back trillion-euro recovery plan

EU leaders back trillion-euro recovery plan

EU leaders on Thursday agreed to a recovery fund to help Europe’s economy, as the coronavirus pandemic is sending it into a steep decline, and that it will be linked to the EU’s long-term budget.
But leaders, meeting via video conference, left crucial details on the size, its precise relation to the budget, and its financing to the commission.
European Commission president Ursula von der Leyen told reporters that the commission will come up with concrete proposals in the second or third week of May.
The size of the EU budget will need to increase, von der Leyen added, which has so far been set around €1 trillion, EU Observer reported.

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