Thierry Breton met with the European Parliament’s Internal Market Committee (IMCO) to discuss the EU’s recovery plan post Covid-19. In his opening remarks, Mr Breton commented on the historic nature of Europe’s plan, noting that, as Europe moves to the next stage it was important to remember where we were at the start of April and to reflect on how far we have come.
Mr Breton began by describing the EU’s response as a true “European one”. He then broke down the 750 billion euro recovery program, detailing the various grants, loans and provisions. 500 billion euros have been allocated in the form of grants whilst the remaining 250 billion euros will be distributed through loans.
Breton spoke about the lessons that could be learned from the Coronavirus pandemic. Commissioner Breton stated that the Pandemic had highlighted the need to move on with Europe’s industrial strategy, the green transformation and that Europe needs to look at building its resilience. Breton stated that legislation will come to accelerate the digital transformation later this year. He also mentioned the recent launch of the public consultation for the Digital Services Act*. Breton also stated in the area of digital “Europe needs to be a pole of stability in between China and the US. Europe will have to monitor subsidies coming from third countries, and we must monitor our instrument that constitutes foreign direct investment. “
To conclude his address Breton focused on the EU’s immediate response to the crisis recognising the need for a quick, short term response, “Aid needs to come now”, and re-affirmed the EU’s commitment to help Europe through this crisis.
*The Commission launched its public consultation on June 2nd, the consultation is open to responses until September 8th.