"This is Europe's moment. Our willingness to act must live up to the challenges we are all facing", European Commission President Ursula von der Leyen declared on Wednesday, in a press release unveiling the details of a planned recovery fund for virus-ravaged Europe.
The name of the plan: "Next Generation EU".
Von der Leyen called it "an ambitious answer", and you'd be hard pressed to argue with her. As noted when the details first leaked, the total package is worth €750 billion.
Read more: ‘Largest Political Shift On The Continent In 30 Years’ - €750 Billion EU Rescue Fund, Joint Debt To Become Reality
As the EU Commission explains, the vehicle "will raise money by temporarily lifting the own resources ceiling to 2.00% of EU Gross National Income, allowing the Commission to use its strong credit rating to borrow €750 billion on the financial markets".
We're talking about joint-debt issuance here, folks. This is a watershed moment. It's fiscal integration. At long, long last. Of course, everyone will have to agree to the plan, which is not a foregone conclusion. Negotiations will likely drag on for months.
"This additional funding will be channelled through EU progr
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