European Union: 750 billion Euros announced as COVID-19 Recovery Fund

On May 27, 2020 the European Union proposed 750 billion Euros as COVID-19 recovery fund. The fund is to be used by the countries to recover from deep recession caused by the COVID-19.

Highlights

The European Union has broken the deficit limit to keep jobs, health care systems and businesses alive in its member countries. France and Germany had earlier agreed to provide 543 billion USD fund to add cash to the financial measures of the bloc.

The European Union is to implement the blueprint that are in several ways similar to that of the Franco-German model.

India’s stand

India supports the Franco-German model greatly. Around 25 nations including India discussed ways to contain virus involving key international organization. The alliance was led by France and Germany and the model is an outcome of the meet of 25 nations that was held through video conferencing in April 2020.

India was represented by the External Affairs Minister Shri Jaishankar.

Franco-German Model

The model aims to pull in world organizations in the fight against COVID-19. The model also aims to strengthen the UN and especially under financed World Health Organization (WHO) to develop and distribute tests and vaccines

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