25 August 2021
The Head of Spanish Government, Pedro Sanchez, proposes to triple the amount of the EU emergency fund. This very ambivalent proposal would increase the budget of this fund, initially set at 500 billion euros by the Eurogroup, to 1 500 billion euros.
A proposal that Spanish Prime Minister Pedro Sánchez is expected to formalise at Thursday’s summit with EU leaders.
It provides for 1.5 trillion euros to be made available in the form of transfers, the same amount as the Italian economy, and three times more than the 500 billion euros initially planned at the last Eurogroup meeting, which was to be made available in the form of repayable loans to make up for cash shortages.