The European Commission has proposed giving hundreds of billions of euros to EU countries that have seen their economies devastated by the coronavirus pandemic, an unprecedented relief effort designed to ensure parts of the bloc aren't left behind when the recovery comes, reports CNN.
The executive arm of the European Union on Wednesday unveiled a plan that would see it raise €750 billion ($825 billion) on financial markets through its 2021-27 budget. Two-thirds of the money would be distributed to countries via grants, while the remainder would be offered as loans.
"We all understand the crisis is so huge we have to take unusual steps to overcome the crisis and to get out stronger," European Commission President Ursula von der Leyen said at a press conference.
The pitch was welcomed by southern European countries but could still run into opposition from more fiscally conservative northern countries, which only want to offer loans. All 27 member states must sign off on the proposal, and analysts warn that a delay could inflame political tensions that could pull the bloc apart.