EU proposing £670bn recovery fund in response to pandemic crisis

World News | Published:

Paolo Gentiloni’s announcement came amid divisions in the bloc.

The European Commission building (Yui Mok/PA)

The EU Commission is proposing a 750 billion-euro recovery (£670bn) fund to help the bloc’s economy through the deep recession induced by the coronavirus pandemic, commissioner Paolo Gentiloni said.

Mr Gentiloni, who is in charge of economic affairs at the EU’s executive body, confirmed the size of the fund in a tweet.

The bloc has been deeply divided over what conditions should be attached to the funds to help revive ailing economies.

Paolo Gentiloni (Stefan Rousseau/PA)

The move Wednesday comes as the 27-nation trading bloc is set to enter its deepest-ever recession.

Virtually every country has broken the EU’s deficit.

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