MEPs want a recovery package to support the European economy after the COVID-19 crisis has been contained. 

In a resolution adopted on Friday, the European Parliament welcomed the EU’s fiscal measures and liquidity support to address the coronavirus pandemic, but agreed that more needed to be done.  

Europe, MEPs said, needs a massive recovery and reconstruction package to be financed by an increased long-term budget, existing EU funds and financial instruments, as well as “recovery bonds” guaranteed by the EU budget.

But MEPs said that any mutualisation of debt should focus on future investment, not existing debt. Governments across the EU have been at loggerheads over calls to jointly guarantee debt for the worst-hit member states, such as Italy. 

The EP text was adopted by 395 votes in favour, 171 against with 128 abstentions.

EU Coronavirus Solidarity Fund

MEPs also called for a permanent European unemployment reinsurance scheme and want to establish an EU Coronavirus Solidarity Fund of at least €50 billion.

This fund would support the financial efforts undertaken by the healthcare sectors in all member states during the current crisis, as well as future investments in order to make healthcare systems more resilient and focused on those most in need.
 

Greater powers to tackle cross-border health threats

Joint European action to combat the COVID-19 pandemic is indispensable, the resolution states. 

Not only must the EU emerge stronger from this crisis, but its institutions should also be empowered to act when cross-border health threats arise. This would enable them to coordinate the response at European level without delay, and direct the necessary resources to where they are most needed, be they material like face masks, respirators and medicines or financial aid.

MEPs also voice their support for increasing EU production of key products such as medicines, pharmaceutical ingredients, medical devices, equipment and materials, to be better prepared for future global shocks.
 

Borders must be kept open for essential goods

MEPs insist that borders within the EU must be kept open to ensure that medicines and protective equipment, medical devices, food and essential goods can circulate.

The EU’s single market is the source of “our collective prosperity” and key to the immediate and continuous response to COVID-19, MEPs stress.

The EP also called for the creation of a European Health Response Mechanism, to ensure a better response to any type of health or sanitary crisis in the future.