EU should first implement 750 bn euro recovery scheme before expanding

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EU should first implement 750 bn euro recovery scheme before expanding

BRUSSELS- The European Union should first implement its already agreed 750 billion euro post-pandemic recovery scheme before considering expanding it, said European Commissioner for Economic and Financial Affairs Paolo Gentiloni on Tuesday.

Gentiloni stressed at the Spring Meetings of the International Monetary Fund, which was to be held virtually because of the COVID 19 pandemic, that the cash that is to be repaid and borrowed by all EU countries was not intended to be an emergency response to the health crisis.

This is not a national fiscal stimulus, the emergency reaction was very strong from member states, Gentiloni said referring to massive national fiscal stimulus of individual governments of the 27 nations bloc. This green money is for quality growth and should be linked to common and digital transitions and reforms, Kristalina Georgieva said in a discussion with the IMF head Gentiloni.

At the national level we should first implement the EU recovery plans.

Gentiloni said that to open the discussion on the amount when we are finalising the plans and ratification would be quite counterproductive.

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