Home Topics Business EU's Michel Says COVID-19 Recovery Fund Is Enough - Les Echos

EU’s Michel Says COVID-19 Recovery Fund Is Enough – Les Echos

© Reuters. The President of the European Council, Michel, speaks during a press conference in Ankara

PARIS (Reuters) – The European Union’s COVID-19 recovery response is robust and not too short compared to the US $ 1.9 trillion recovery plan, European Council President Charles Michel told Les Echos newspaper .

Last summer, the EU member states agreed on a recovery fund of 750 billion euros (892.2 billion US dollars). However, with governments still submitting detailed spending plans, frustration is growing in some capitals at the slow disbursement of money.

Some heads of state and government, including French President Emmanuel Macron, have also questioned whether further impulses are needed after a second and now third wave of coronavirus infections on the continent, which led to further bans.

“I am well aware that some judges (the Fund) are insufficient to compare with the US recovery plan. I do not share that opinion,” Michel was quoted in an interview published by the French newspaper on Saturday.

Michel, chairman of the European Union summits, said individual member states have made emergency spending since the beginning of the health crisis and that social benefits in Europe have been more generous than in the US.

“They allowed us to better absorb the shock and will also help us recover,” he said. “When you put all these elements together, I think the European plan is very robust.”

($ 1 = 0.8406 euros)

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