EC President Ursula von der Leyen (Photo: REUTERS/Johanna Geron) EC President Ursula von der Leyen (Photo: REUTERS/Johanna Geron)

The President of the European Commission, Ursula von der Leyen, today presented the proposed Multiannual Financial Framework (MFF) for the European Union, and accompanying fund to stimulate economic recovery.

"The commission is today proposing a new recovery instrument called "Next Generation EU" worth 750 billion Euros. It will sit on top of a revamped long-term EU budget of 1.1 trillion "Next Generation EU." Together with the core MFF this sums up to 1.85 trillion Euros in today's proposal. It goes alongside the safety nets of 540 billion Euros already agreed by parliament and council. And in sum this would bring our recovery effort to a total of 2.4 trillion Euros," the commission president said.

The fund totals 750 billion Euros, of which 500 billion will be distributed to member states in the form of grants, and 250 billion as loans.

Source: HRT