Economy of the European Union
The European Commission will present a pandemic recovery plan next week that will exceed 1 trillion euros in a mix of grants and loans, Executive Vice President Valdis Dombrovskis said on Tuesday.
Dombrovskis, speaking after a meeting of EU finance ministers, welcomed a proposal by France and Germany for a 500 billion euro fund to disburse grants to worst-hit regions and sectors.
The leaders of Germany and France proposed Monday a 500 billion-euro ($543 billion) recovery fund for European economies hit by pandemic.
In a joint statement, German Chancellor Angela Merkel and French President Emmanuel Macron said the proposed fund would see European Union budget expenditure used to help sectors and regions that are particularly affected by the outbreak.