‘Frugal four’ EU members propose two-year emergency fund

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VIENNA (May 23): The European Union’s (EU) budget hardliners proposed to create a temporary fund to make loans to deal with the Covid-19 crisis, opposing the German-French plan to collectively finance the endeavour.

The plan proposes to set up a one-time, two-year emergency fund that makes loans to countries in need based on a needs assessment and targeting most-hit sectors, according to a joint position paper drafted by Austria, Denmark, the Netherlands and Sweden and released by the Austrian Chancellery.