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Iratxe García said:

“This is the time to think out of the box and show political leadership. If not now, when we face a global pandemic and the risk of recession? It is time to find a win-win situation for all member states.

“We face a severe emergency which forces us to act very fast and with concrete measures to avoid an explosion of unbearable social consequences. That is why we need a Recovery Fund of at least 1.5 trillion euros, in addition to the Multiannual EU budget and based on grants.

“This Recovery Fund must be part of the MFF and be used to issue recovery bonds by borrowing money on the markets and issuing common debt. However, we will also need future new own resources to pay for this fund. Own resources should be revised and the ceiling raised from the current 1.2% of GNI to a minimum of 2% EU GNI.

“There will be time to discuss different options, but revenues from the EU Emissions Trading Scheme and a fee on unrecycled plastics are some options. Creating debt without planning how to finance it would not be credible.

“All these measures should align with the principles of the European Green Deal. The required massive investment should be turned into an opportunity to boost the EU’s employment and economies toward sustainable, digital and inclusive development.

“Lastly, we should not reward those countries that are abusing their powers during this crisis. The Council should urgently unblock the proposal that allows EU funds to be suspended in case of violations of the rule of law in member states. We need to show that there are real consquences for breaching the fundamental values of our Union. Tax payers want to finance solidarity, not dictators, and rightly so.”

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