BRUSSELS—European Union leaders, aiming to turn the hardship of the coronavirus pandemic into opportunity, are finalizing plans to release almost $1 trillion into the bloc’s struggling economy, reshape industrial policy and strengthen trade defenses.
Underpinning the plans is a push to profit more from the bloc’s brain power, which over recent years has enriched foreign investors at least as much as Europeans. EU programs and draft laws that will kick off or be presented over coming weeks seek to make the 27-country economy more digital, entrepreneurial and environmentally friendly. The need for fast action has been driven home by recent data showing the bloc fell back into recession during the first quarter while the U.S.
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