European Commission President Ursula von der Leyen claims a new generation of Europeans will gain by a $1.85 trillion stimulus package announced Wednesday and made to haul the 27-member bloc from this fiscal crisis due to the coronavirus pandemic.
Talking to Euronews shortly after announcing a $750 billion recovery finance, Von Der Leyen explained that the catastrophe due to the COVID-19 pandemic” influences all member countries.”
“We all see that the financial harm in one market, but also the domestic markets, therefore that is Europe’s second,” she explained.
“We must overcome this crisis together. The suggestion I put forward is in a reliable framework, quality showed: the European funding. Next Generation EU the restoration package will permit us to come from this crisis stronger than previously.”
As a lot of these funds are going to probably be funded by borrowing on the financial markets, concerns have been raised that a new generation of Europeans will find themselves paying for the rescue package. However, Von Der Leyen reported that the financing has been specially built with that creation in mind.
“More significant is that we now have a pact with another generation – we say:’Yes, we must increase money today and spend it, but we’ll invest in that the European priorities which are so essential for you.
“This is the European Green offer and that’s the digitization that’s of extreme significance for the young generation […]. Should they pay back partially that cash at least they ought to harvest and reap the benefits of those investments.”