Almost half of this, 32 billion euros ($36bn), comes from NextGenerationEU, with some 19 billion euros ($21bn) in the form of grants and more than 12 billion euros ($13bn) in the form of loans. Over a five-year period, the grants alone amount to a boost of about 2 percent of Gross Domestic Product (GDP) per year. [...]
The pandemic is set to claim 8.3 percent of the EU economy, but other countries in the European south stand to lose even more than Greece. Spain, Italy and France are expected to see recessions to the tune of 11 percent. [...]
NextGenerationEU marks the first time all 27 EU members are selling debt together, and it is the first time the Commission is to be given powers to levy taxes and raise resources of its own to service that debt. [...]
"Conte is probably the last thing separating Italy from sliding to a new wave of anti-Europeanism that could be fatal, not just for Italy's participation in the euro, but for the entire European integration project and the single market," he said.
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