The EU welcomes Biden’s proposal for US incentives


© Reuters. EU flags flutter in front of the headquarters of the European Commission in Brussels


BRUSSELS (Reuters) – The European Commission welcomed a $ 1.9 trillion stimulus package proposed by President-elect Joe Biden to help the US economy cope with the COVID-19 pandemic, but said that its full effect would not become apparent until Congress debated it.

Biden outlined the package Thursday, saying it would take bold investments to stimulate the economy and accelerate vaccine distribution.

“This package is timely as the coronavirus pandemic has worsened in the US and around the world in recent months,” said a spokesman for the EU Executive Commission.

“We will continue to monitor developments closely as the package is under review by the United States Congress, so it is premature to draw detailed conclusions about its likely impact on the US economy.”

Eurozone finance ministers chairman Paschal Donohoe said the US package was in many ways similar to what the European Union had previously decided, and showed the scale of the challenge countries were facing.

“The new $ 1.9 trillion Biden stimulus plan once again underscores the scale of the challenge posed by COVID-19. The plan is broad and in many ways similar to European action, both in terms of income support and in terms of income support on health interventions: There is a clear need for supportive financial and monetary policies, “Donohoe said.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading loss you may incur as a result of using this information.

Fusion Media or anyone involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please be fully informed about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Comments are closed.