The Lead: EU Stimulus Does What The US Can’t
credit: francisco seco/pool
It looks like Europe one-upped The United States once again.
Moments ago European Union leaders agreed on a massive stimulus package worth 750 billion euros, or 850 billion dollars if you don’t have your currency converter handy. To call this unprecedented would be an understatement as 27 nations came together in record time to help stave off the worst recession in modern times.
The emergency fund will dole out 390 billion euros of grants and 360 billion euros of low-interest loans to keep businesses afloat during the pandemic.
“We are 27 around the table and we managed together to produce a budget,” French President Emmanuel Macron said at a press conference. “In which other political sphere in the world is that possible, is that done? None.”
The EU has taken the global lead on cutting green house gas emissions and nearly one third of the stimulus funds are earmarked for fighting climate change. Add that to the 1 trillion-euro 7 year climate budget and this results in the biggest green stimulus package in world history.
Meanwhile the U.S. Congress is squabbling over sending additional $1,200 checks to Americans. Perhaps they could learn from the adults across the ocean.