They did it! Early this morning the EU leaders agreed on a groundbreaking plan to jointly borrow €750 billion to respond to the coronavirus pandemic.
The agreement was expected as Commission President Ursula von der Leyen announced several weeks ago ‘No deal – No holidays’.
The EU’s new recovery fund will be attached to a new €1.074 trillion seven-year budget, the Multiannual Financial Framework (MFF)— bringing the total financial package to €1.82 trillion. The European Parliament still needs to agree.
The plan and budgets are now official; however, it’s not clear who the real beneficiary will be. And on top of this, how the money will flow down to help real economies and businesses. (don’t worry, we will keep you informed)
€1.82 trillion is a huge amount of money with an unprecedented impact on the buying power of EU citizens:
- A €100 note = 0.1 mm
- €1000 in €100 notes = 1mm
- With €1.82 trillion you can fill up 200 times the Mariana Trench (the deepest part of the ocean and the deepest location on Earth = 11 km).
Let’s hope business is good…
Happy Holidays Mister President!