The European Union's $826 billion stimulus plan to battle the coronavirus is 'too small and too late,' analysts say
Added 05-30-20 06:14:02am EST - “While Bank of America analysts believe the EU fund is a decent starting point, they say it is "too small and too late" to meet urgent economic needs.” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “The European Union's $826 billion stimulus plan to battle the coronavirus is 'too small and too late,' analysts say”. Below is an excerpt from the article.
The European Union this week proposed a recovery package valued at €750 billion (about $826 billion), to revive the 27-member bloc from the devastation of the coronavirus pandemic.
The official process for negotiations will kick off with informal discussions between the European governments, followed by the first formal discussion in the Eurogroup on June 11.
Once all EU leaders reach an agreement, a formal approval by the European Parliament will be able to set off a final ratification by the 27 national parliaments.
Disbursement of funds is expected to begin from January 2021 until the end of December 2024, financed by the issuance of bonds with maturities between 3 and 30 years.
The package is by far the largest fiscal stimulus package in Europe's history, far outstripping the measures taken during the financial crisis and after World War II, but it may be too little, too late, according to some analysts.
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