The European Union postpones the preparation of an economic recovery plan until May

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Sharjah 24 – AFP:
European leaders have postponed to May the preparation of a plan to revive the economy in the face of the recession caused by the spread of the Covid-19 epidemic, which has caused more than 184,000 deaths in the world, as it will force hundreds of millions of Muslims to spend the month of Ramadan in isolation.

At the end of a video summit, European Union leaders decided to commission the European Commission to prepare proposals from mid-May.

The leaders of the bloc, which, like the whole world, faces an unprecedented economic crisis since 1945, have not reached a “consensus” on mechanisms to revive the economy, according to French President Emmanuel Macron, while Italian Prime Minister Giuseppe Conte spoke of an “important stage”.

From the airlines to the auto industry groups through the tourism and beverage sector, the world’s largest corporations began publishing their first quarterly numbers, to uncover the severity of the shock.

And “Netflix” is the only beneficiary, after it announced on Tuesday that its profits increased so that the number of subscribers to its streaming services increased by about 16 million during the closure period imposed in most parts of the world, in an attempt to limit the spread of the new Corona virus.

Europe, the country with the highest number of deaths, with more than 113,000 out of 184,000 since the virus appeared in China at the end of 2019, may witness a recession this year of 1.7%, according to the International Monetary Fund.

At the start of the meeting, European Central Bank President Christine Lagarde warned European Union leaders of the risks of “moving too little too late” to confront the economic consequences of the emerging Corona virus.

But division continues among European leaders over the value of the joint development plan and its funding method, estimated at hundreds of billions of euros.

The German Chancellor pledged to increase her country’s contribution to the budget of the European Union, but she ruled out sharing national debts, which is what the southern countries demand.

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