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World

EU chief to launch recovery fund in Lisbon, Madrid

  • With both countries hugely dependent on tourism, their economies have been significantly affected.
16 Jun 2021

LISBON: European Commission chief Ursula von der Leyen visits Lisbon and Madrid Wednesday where she will begin approving recovery plans submitted by nations seeking funding from the bloc's coronavirus recovery fund.

"This is a historic achievement," von der Leyen told the European Parliament last week in announcing the imminent activation of the landmark 750-billion-euro ($910-billion) recovery plan which was drawn up nearly a year ago.

The choice to start in Portugal and Spain is symbolic.

Portugal, which currently holds the EU's six-month rotating presidency, has made the rapid adoption of these recovery plans a priority following their recommendation by the Commission.

And the government of Socialist Prime Minister Antonio Costa set a good precedent by being the first country to submit its own plan in April.

Spain is also a significant choice in that it will be the second-largest beneficiary of the rescue fund after Italy, with Madrid set to receive 140 billion euros ($170 billion), half of which will take the form of direct grants and loans.

'Extraordinary generosity'

"Two southern European countries that previously did not feel supported within Europe have now benefitted from the extraordinary support and generosity of their northern partners," said Toni Roldan, head of research at the Esade Centre for Economic Policy (EsadeEcPol) in Madrid.

Spain was particularly hard hit when the pandemic first erupted in early 2020, while Portugal suffered a major surge in cases at the start of this year.

With both countries hugely dependent on tourism, their economies have been significantly affected.

Since the eurozone debt crisis which began in 2011, Lisbon and Madrid have often been in the firing line with Europe's more "frugal" members frustrated at having to fork out money to subsidise spending in what they have seen as the somewhat less virtuous south.

Although some of the conditions attached to the stimulus packages remain vague, Spain and Portugal could have shown "greater reformist ambition" in using the money, particularly in the area of education, Roldan told AFP.

"I understand it's difficult for the Commission to demand deep reforms in this complicated environment with the rise of populism and all the post-pandemic suffering, but at the same time, it's the best moment."