The European Commission will borrow 800 billion euros ($957 billion) until 2026 in order to fund the union's response to the coronavirus pandemic and build a greener, more digital and more resilient future, EU budget commissioner Johannes Hahn said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 14th April, 2021) The European Commission will borrow 800 billion Euros ($957 billion) until 2026 in order to fund the union's response to the coronavirus pandemic and build a greener, more digital and more resilient future, EU budget commissioner Johannes Hahn said on Wednesday.
"We have a window of opportunity between now and 2026 to manage Europe's recovery and to boost, to modernize the European recovery via the green and digital transition. Let us not waste this time," he told a press conference in Brussels.
The senior EU official said that the pandemic-driven financial headwinds required action on all fronts.
"I appeal, therefore, to those member states which have not yet ratified their own resources decision to speed up the process," Hahn added.
The commission will be borrowing on average roughly 150 billion euros a year, which will make the European Union one of the largest issuers in euro. It expects the new borrowing to strengthen the international role of the bloc's single Currency. All borrowing will be repaid by 2058.
