Home Stock Market Michel of the EU said that the COVID-19 recovery fund was sufficient

Michel of the EU said that the COVID-19 recovery fund was sufficient

© Reuters. European Council President Michel speaks during a press conference in Ankara

PARIS (Reuters) – The European Union’s COVID-19 recovery response is strong and by no means low when compared to the US $ 1.9 trillion recovery plan, European Council President Charles Michel told Les Echos.

EU member states agreed last summer to a 750 billion euro ($ 892.2 billion) recovery fund, but with governments still submitting detailed spending plans, disappointment is on the horizon. increase in some capitals with slow disbursement rate.

Several leaders, including French President Emmanuel Macron, have also questioned whether further stimulation is needed after the second and third wave of coronavirus infections swept the continent, leading to lock extra machine.

“I fully know that some reviews (funds) are not enough, when compared to the US recovery plan. It is not an opinion that I share,” Michel was quoted in an interview. was published by the French newspaper on Saturday.

Michel, who chaired the European Union summits, said there have been emergency expenditures by each member country since the medical crisis began and social welfare Europe is more generous than in America.

“They have allowed us to better absorb the shock and will also contribute to recovery,” he said. “When you put all these factors together, I firmly believe that Europe’s plan is very strong.”

(1 dollar = 0.8406 euros)

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