The EU welcomes Biden’s proposal for US incentives

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

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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.

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