May 27, 2020 - Health

EU proposes massive coronavirus rescue package

Orion Rummler

A masked woman holds the European Union flag — A protester demonstrates against the EU stimulus package in Warsaw, Poland on May 23. Photo: Omar Marques/Anadolu Agency via Getty Images

The European Union is considering an $826 billion coronavirus rescue package to fund recovery efforts in response to the bloc's coronavirus-fueled economic strain, European Commission President Ursula von der Leyen said Wednesday.

Why it matters: The historic fund would bring the EU closer to fiscal union via a shared budget, the New York Times reports — however, all countries have to agree to the fund for it to be implemented.

The Netherlands, Austria, Sweden and Denmark are seen as potential vetoes for the vote, as they reject taking on debt from other countries, the BBC reports.

The big picture: Germany, one of the strongest nations in the EU, has broken with tradition in support of collective European debt in the face of the coronavirus pandemic — which could bode well for the package, per the Times.

Go deeper: EU advises member states on which tourists to admit as borders reopen

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EU proposes massive coronavirus rescue package

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