The European Union must focus on its current pandemic recovery plan of 750 billion euros ($ 910 billion) before considering new stimulus measures, said the competition chief to Les Echos, adding that talking about ‘a second shot was “a little weird”. In an interview to be published Monday in the French newspaper, Margrethe Vestager, the executive vice-president of the European Commission, has so far avoided the need for an additional economic stimulus plan.
US President Joe Biden is proposing a $ 4 trillion package to rebuild the economy, including infrastructure, child care and education programs. His effort has raised questions among some in Europe about whether more is needed to boost businesses and investment programs after COVID 19.
“It’s far too early to think about it,” Vestager told Les Echos. “I find it a bit odd to talk about a new stimulus package that we are not sure we need when we already have so much to do.” France has pushed for a more ambitious economic recovery plan than the one already outlined, even if the 750 billion euros, agreed last summer after the first wave of the epidemic, have not yet been disbursed.
French European Affairs Minister Clément Beaune, who recently called for doubling existing funds, said on Sunday that Europe should consider more investment in areas such as technology. “There is a risk that Europe is lagging behind in the technology of the future,” Beaune told Europe 1 radio. “I don’t want us to miss this American acceleration. We need a plan for it. European investment which will complement our recovery plan. “
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