According to the media outlet, the proposal of the four EU countries prescribes the creation of the foundation, from which the most coronavirus affected member states will be able to get assistance in the form of loans and not subsidies as proposed by Germany and France.
On Monday, German Chancellor Angela Merkel and French President Emmanuel Macron launched the initiative, which plans to allocate the funds to the EU economies that have been most severely affected by the epidemiological and economic crisis.
The plan has received the support of European Commission President Ursula von der Leyen, although Austrian Chancellor Sebastian Kurz stated that he, and the leaders of Sweden, Denmark, and the Netherlands, believe that support should be provided by loans, rather than raising member state contributions.
Commenting on the projections, European Commissioner for Economy Paolo Gentiloni expressed a belief that the bloc had entered the "deepest economic recession in its history."
