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Economics

EU Targets Super-Charged Crisis Budget With Coronabonds Blocked

  • Leaders to hold ‘strategic’ discussion about plans next week
  • Bloc at loggerheads over financing economic recovery efforts

The heads of the European Union’s main institutions said the bloc must increase its budget firepower to repair its devastated economy as they seek a way around the gridlock over joint bond issuance.

An expanded budget should be “the mothership” of efforts to revive growth after the coronavirus pandemic, European Commission president Ursula von der Leyen told EU lawmakers in Brussels on Thursday. The bloc’s leaders will have a “strategic discussion” about the spending plan during a conference call next week, said European Council President, Charles Michel, who leads their meetings.