The EU’s antitrust chief told Les Echos that before envisaging further stimulus, the European Union must focus on its current 750-billion-euro ($910 billion) pandemic recovery package. The chief also added that talking of a second plan was a bit bizarre.
Margrethe Vestager, the European Commission’s executive vice president said in an interview in the French newspaper that there is need for an additional economic stimulus package for now. U.S. President Joe Biden is proposing a $4 trillion package. This is to rebuild the economy and this includes the programmes for infrastructure, childcare and education.
His push has raised questions among some in Europe over whether more would be needed to boost companies and investment programmes post-covid. Vestager quoted as saying in Les Echos that it is way too soon to be considering it. He added that he finds it a bit bizarre to be talking about a new stimulus plan that they are not sure that they need, when they already have so much to do.
France has pushed for a more ambitious economic recovery plan than the one already outlined. The 750 billion euros, which was agreed last summer after the epidemic’s first wave, has yet to be disbursed. French European Affairs Minister Clement Beaune said that Europe should consider more investment in areas such as technology. He has also recently called for existing funds to be doubled.
Beaune told Europe 1 radio that there is a risk that Europe will be behind when it comes to the technology of the future. He added that he don’t want us to miss this U.S. acceleration. We need a European investment plan that will top up our recovery plan, said Beaune.