BRUSSELS (BELGIUM) – European Council President Charles Michel brought forth a revised plan for the EU’s proposed economic recovery fund on Saturday. This was mooted to bring an end to the impasse between the bloc’s 27 leaders on the second day of a summit in Brussels, according to a document, by diplomats and officials.
The share of free grants in the proposed 750 billion euro recovery fund would be brought down to 450 billion euros from 500 billion. This step would mitigate concerns by the northern camp of thrifty EU countries led by Dutch Prime Minister Mark Rutte, .
Along with plans for an ’emergency brake’ on the payment of funds, this would aid wealthy northern states. It would also see those countries hit by the coronavirus crisis take loans.
The proposal would also raise rebates on the core EU budget for countries such as Austria, Denmark and Sweden.
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