European shares fell today 22/6/2020 as signs of a resurgence in coronavirus cases in Germany and elsewhere unnerved investors who were hoping for a swift economic recovery from the crisis.
European Union leaders are aiming to agree on a coronavirus-crisis recovery plan worth hundreds of billions of euros by the end of July, they said Friday after a videoconference, but strong differences remain over how to craft the package.
The bloc’s leaders had their first serious discussion of the economic recovery plan and the multiyear budget proposed by the European Commission last month. The plan would see the Commission, the EU’s executive body, take the unprecedented step of borrowing hundreds of billions of euros from the markets to hand out to the worst-affected member states.
The €750 billion ($840.3 billion) recovery plan and €1.1 trillion proposed budget package would kick in from next year, but would allow hard-hit countries in the EU’s south to step up spending now, knowing they won’t be saddled with huge new debts.
Europe’s strategy of inserting tens of thousands and thousands of workers on paid leave has thus far succeeded in stemming the widespread job losses which have been seen within the U.S., however now governments throughout the continent are grappling with learn how to wean corporations and staff off the assist.
Factory activity was ravaged across the world in April, business surveys showed, and the outlook looked bleak as government lockdowns to contain the new coronavirus pandemic froze global production and slashed demand.
The coronavirus has infected more than 3.5 million people globally and killed around 247,000. With the public told to stay home in numerous countries, the global economy is expected to suffer its steepest contraction on record this year as supply chains have been massively disrupted.
Germany’s highest court has cast doubts on key eurozone stimulus efforts by ruling that the European Central Bank must demonstrate within three months that a key bond-buying program is needed and appropriate.
If it fails to do so, Germany’s national central bank must stop participating in the program, the country’s top court said on Tuesday 5/5/2020.
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