The European Parliament voted on Wednesday in favour of assigning new tax revenues to the European Union to repay the bloc's intended joint borrowing of 750 billion euros ($888 billion) for economic recovery after the COVID-19 pandemic.
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman
Lawmakers voted 455 votes in favour and 146 against, with 88 abstentions, to introduce new sources of revenue - so called “own resources” - to the EU budget that should at least cover the costs related to the recovery plan. Leaders hope the 750 billion euro recovery fund and its related 1.1 trillion euro 2021-2027 budget will help repair the continent’s deepest recession since World War Two after the coronavirus outbreak shut down economies.
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