With the war still raging, the extent of Ukraine's reconstruction needs is not known, but the European Commission, the EU's executive arm, believes the damage already done is already in the hundreds of billions of euros.
The fund, officially known as Next Generation EU, overcame deep reticence by so-called"frugal" member states such as the Netherlands and Denmark to come into being. In a document reviewing ways the EU could help Ukraine, the commission said the rescue of Ukraine could be paid through added contributions to existing EU programmes and boosting the EU budget.
The idea of a new common debt will face headwinds in the countries of northern Europe that had rallied against the European recovery plan in the summer of 2020.
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