Leaders Of EU Financial Institutions Hold Talks Over Recovery Fund - Council President

Leaders of EU Financial Institutions Hold Talks Over Recovery Fund - Council President

President of the European Council Charles Michel chaired a meeting on Tuesday among the heads of the European Union's key financial institutions to discuss the bloc's economic recovery from COVID-19

BRUSSELS (UrduPoint News / Sputnik - 20th October, 2020) President of the European Council Charles Michel chaired a meeting on Tuesday among the heads of the European Union's key financial institutions to discuss the bloc's economic recovery from COVID-19.

Michel met with European Central Bank President Christine Lagarde, Eurogroup President Paschal Donohoe and EU Commissioner for Financial Stability, Financial Services and Capital Markets Union Mairead McGuiness.

"Recovery Fund will support businesses and boost green and digital transitions.

Completing banking union & capital markets union will foster investment, jobs creation and growth," Michel said on Twitter after the talks.

Following many months of consultations and adjustments, EU leaders passed a 1.8 trillion euro ($2.1 trillion) recovery package in July to tackle the economic consequences of the pandemic. This includes 750 billion euros of a direct recovery fund and 1.05 billion euros constituting the bloc's long-term budget for the 2021-2027 period.