Reacting to a morning press conference on May 19 by the German Chancellor, Angela Merkel and the French President, Emmanuel Macron, the EU Commission welcomed the countries’ acknowledgment of the size of the challenge the EU is facing since the COVID-19 outbreak.
The EU Commission wants to base Europe’s economic recovery strategy on three pillars, which are:
- immediate measures that were taken to enable Member States to support the economy;
- €540 billion of loans in various forms that form the heart of the Eurogroup’s response, including the Commission’s SURE Programme; and
- the Multiannual Financial Framework topped up by the Recovery Instrument, that the Commission will adopt next week.
These plans, the EU Commission said, should enable both Member States and businesses to steer clear of the crisis and bring Europe’s economy back on track.
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