Economist Podcasts Grant them strength, or loan it: Europe’s historic deal
Jul 21, 2020
Tom Nuttall, the Berlin bureau chief of The Economist, and Kinley Salmon, the Africa correspondent, dive into significant developments shaping Europe and Africa. They discuss the historic €750 billion recovery plan initiated by the EU, spotlighting contentious negotiations among member states. Meanwhile, Salmon sheds light on the alarming rise of jihadist activity in the Sahel, where instability is spilling over borders. On a brighter note, he shares the inspiring story of prisoners in Burkina Faso who are breaking free through music, thanks to a local charity.
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Historic EU Recovery Deal
- The EU agreed on a €750 billion coronavirus recovery package, including joint debt.
- This is the first time EU countries will collectively raise money by selling bonds.
Two-Part Recovery Plan
- The EU recovery package has two parts: the seven-year budget and Next Generation EU.
- Next Generation EU involves the European Commission borrowing and distributing funds to member states.
Frugal Four Concessions
- The "frugal four" countries (Denmark, Sweden, Netherlands, Austria) negotiated increased rebates in exchange for the grants.
- The Netherlands also secured a larger share of customs duties from the Rotterdam port.