European Union Passes €750 Billion Euro Stimulus To Provide Economic Relief
Quick Read
- European Union leaders pass a €750 billion stimulus to help repair damaged economies.
- Global debt reaches record levels amid the pandemic.
EU leaders have just passed €750 billion stimulus to help repair damaged economies due to the pandemic, CNN reports. In addition to the stimulus, the EU has agreed upon a budget of nearly €1.1 trillion for 2021-2027.
The coronavirus pandemic has hit global economies head-on. Earlier this month, the European Commission predicted the European Union economy to fall by 8.3% this year, CNN reported.
Global Public Debt Reaches Record Levels
As the EU passes new stimulus, global public debt is soaring to record levels, The Crypto Associate reports. According to a recent blog post published by the IMF, the global fiscal response is now close to a jaw-dropping $11 trillion.
With the global debt growing at rapid levels, the International Monetary Funds urges governments to proceed with caution. The rapidly rising global debt may raise concerns about inflation as global debt is rising faster than the GDP.
Cover image by Hans Ripa on Unsplash
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