European Commission pushes for €750 billion budget expansion

Ursula von der Leyen
Ursula von der Leyen
Photo: European Union/EP

The European Union took a step towards greater fiscal risk-sharing today (May 27), as the European Commission unveiled proposals for a €750 billion ($825 billion) virus-fighting expansion to its budget.

The proposal, which goes further than a Franco-German plan for a €500 billion Covid-19 rescue package, includes €250 billion in loans on top of €500 billion in grants.

Combined with what the commission calls “targeted reinforcements” to its long-term budget, the budget expansion would – if

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