The European Commission presented its stimulus plan proposal yesterday with:
- its adjusted work program for 2020
- the creation of a new instrument: Next Generation EU
This instrument will be endowed with an envelope of 750 billion euros as well as targeted reinforcements of the long-term EU budget for the period 2021-2027, which will bring the total financial capacity of the EU budget to 1, 85 billion euros.
The funds mobilized for Next Generation EU will be invested according to three pillars:
- Support Member States in investment and reform
- Boosting the Union's economy by attracting private investment
- Learning from the crisis
Find all the details of the recovery plan here.