EU countries have agreed on the amount of subsidies for economic recovery

EU countries have agreed on the amount of subsidies for economic recovery

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2020-07-20 17:43:00

Germany and France were unable to achieve the goal of sending half a trillion euros to restore the economy of countries affected by the coronavirus. According to diplomats, 390 billion euros could be allocated for this purpose. The States of the European Union have agreed on the size of the package of assistance to restore the economic system of countries suffering from the coronavirus. According to the settlement, the allocation for those purposes should not be 500 billion euros, as demanded through Germany and France, but 390 billion, European diplomats said at the nighttime of Monday, July 20, on the fourth day of the ongoing EU summit in Brussels.

Austria, Denmark, Finland, the Netherlands and Sweden  were in favour of reducing the amount of non-refundable subsidies. Initially, they insisted on offering only loans, not subsidies, in order to persuade countries like Italy to adopt bolder reform policies.

The aid plans have been particularly criticized, among other things, because the EU wants to take on a large amount of joint debt obligations for the first time for a program of investment and economic stimulus.

The emergency EU summit has been walking due to the fact that Friday, July 17, even though it became at first scheduled for best two days. The leaders of the 27 countries must also agree on a long-term EU budget for 2021-2027 - until it is adopted, the aid program cannot be launched.

It is also an open question whether aid will be linked to countries ' commitment to climate protection and respect for the rule of law. Countries like Poland and Hungary reject this.

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