European Commission President Ursula von der Leyen will present the official proposal for the European economic recovery plan from the consequences of the coronavirus pandemic on Wednesday. Von der Leyen wants to link the recovery plan to the next seven-year budget of the European Union. The plan includes raising several hundred billion euros in capital markets, most of which would be allocated through investment support to the hardest-hit countries.
European plastic tax, digital business tax, and the expansion of the European Union Emissions Trading System (EU ETS) are three options to help raise the urgently needed cash, sources close to the EU confirmed. A similar plan was proposed last week by France and Germany, under which the EU would establish a €500 billion fund for the reactivation of economies and assistance to industries severely affected by the outbreak of the epidemic, with the help of state guarantees.
Austria, Denmark, the Netherlands, and Sweden have already expressed opposition to the plan, resisting the disbursement of funds through grants.
Von der Leyen will deliver a speech at a special session of the European Parliament in Brussels on Wednesday, after which she will hold a press conference.
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