BERLIN - European Commission Vice-President Valdis Dombrovskis said on Tuesday the EU may need a 1.5 trillion euro economic recovery fund following the coronavirus pandemic, but the financing of such joint spending remains murky.
The toolbox includes loans from the financial-crisis-era European Stability Mechanism but without the tough economic and fiscal reform conditions normally involved. While the focus so far has been on footing the health bill for the virus pandemic and shielding businesses and workers from the financial fallout, politicians are already eyeing the day after the crisis.
Meanwhile Internal Market Commissioner Thierry Breton on Sunday suggested 10 per cent of EU output would be needed, calling for one trillion euros on top of the 500 billion already agreed, the same amount urged by Italy's Finance Minister Roberto Gualtieri.
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