5/28, 5:55 PM (Source: TeleTrader)
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European Commission demands budget security

European Commissioner for Budget and Administration Johannes Hahn demanded on Thursday stronger guarantees that the European Union's budget will back the European Commission's borrowing, especially in the case of a hard Brexit.

The European Commission is set to lend €750 billion to its member countries to combat the economic crisis caused by the coronavirus pandemic. Their proposal for the repayments is to increase the amount of the maximum national contribution to the EU's budget initially to 1.4% of gross national income (GNI) and then to 2%.

It was previously announced on Wednesday the European Commission would propose that €750 billion be allocated to the European Union to help its economic recovery.

Breaking the News / JR