Opposition as EC proposes €1.85tn economic package

President of the European Commission, Ursula von der Leyen

The European Commission has proposed a €1.85 trillion package to save Europe from economic devastation, as it pledged not to repeat past mistakes when millions were unemployed and countries were left nursing unsustainable debts.

At the centrepiece is a €750bn fund it calls New Generation EU, which involves it raising billions on sovereign bond markets, including €500bn in grants.