EU's Von der Leyen to unveil trillion-euro recovery plan

European Union chief Ursula von der Leyen will on Wednesday propose a roughly one-trillion-euro post-virus recovery fund for Europe, but will have to win over sceptical member states, AFP reports. 

The global coronavirus outbreak has thrust the EU into its deepest ever recession, and Von der Leyen's proposal will set out to help the worst affected countries.

The virus has killed at least 172,000 people in Europe and put its economy in a deep freeze, with businesses only slowly reopening and tight controls on borders that were once wide open for travel and trade.

Italy and Spain were Europe's first victims of the outbreak and, still burdened with heavy debts, lack the firepower of Germany and others to rebuild their shattered economies.

The European Commission, the EU's executive arm, has won the crucial backing of Germany and France to raise 500 billion euros ($550 billion) on financial markets to begin to fix the problem.


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