EU leaders launch fraught negotiations Friday on a major recovery fund to revive a European economy ravaged by the coronavirus outbreak, deeply ...
The coronavirus crisis is pushing the EU to grapple with an old institutional problem -- the lack of joint borrowing to fund major projects for the bloc AFP/Kenzo TRIBOUILLARDBRUSSELS: EU leaders launch fraught negotiations on Friday on a major recovery fund to revive a European economy ravaged by the coronavirus outbreak, deeply divided on the way forward.
"It is clear that we expect no essential agreements at this summit," said a government official in Germany, which takes over the EU's rotating presidency on Jul 1 and will drive the negotiations.AdvertisementA French source called it a"warm-up round" that would"take the temperature" before leaders land a compromise in late July.
By endorsing the plan, German Chancellor Angela Merkel broke Germany's long-held taboo against pan-European pooled borrowing, catching the"frugals" off guard. In an interview with AFP, Italian Prime Minister tried to assuage these concerns, assuring that the money would build"a better Italy" that would be more modern and greener.To help pay for the recovery plan, the proposal floats EU-wide taxation on big tech, or carbon emissions, to provide the European Commission with funds of its own.
Complicating matters still further, the recovery fund is linked to the EU's long term, seven-year budget which is being negotiated in parallel.
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