President of European Commission Ursula von der Leyen after the press conference given by the German Chancellor and the French President, said :
“I welcome the constructive proposal made by France and Germany. It acknowledges the scope and the size of the economic challenge that Europe faces, and rightly puts the emphasis on the need to work on a solution with the European budget at its core. This goes in the direction of the proposal the Commission is working on which will also take into account the views of all Member States and the European Parliament.”
The Commission is convinced that the economic recovery strategy has to base itself on three different pillars that operate together to enable Member States and businesses to weather the crisis and launch the massive investments :
– The first pillar are the immediate measures that were taken by Member States to enable to support the economy, in the form mainly of the flexible State Aid framework and the triggering of the escape clause of the Stability and Growth Pact, as well as the support provided by the European Central Bank and the European Investment Bank ;
– The second pillar are the €540 billion of loans in various forms that form the heart of the Eurogroup’s response, including the Commission’s SURE Programme;
– The third pillar is the Multiannual Financial Framework topped up by the Recovery Instrument, that the Commission will adopt next week.
For more information : The President Statement