The EU plans a record-breaking new stimulus package of $826 billion to soothe Europe's economic pain from the coronavirus

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• The European Commission proposed a 750 billion euro ($826 billion) stimulus package on Wednesday to help the EU recover from a deeply entrenched recession brought on by the coronavirus.
• Paolo Gentiloni, the European Commissioner for the Economy, described the stimulus package as a "European turning point to face an unprecedented crisis."
• The package will be the biggest in European history, far outstripping the post-World War II Marshall Plan.
• The European institution aims to fund its recovery plan by raising unprecedented sums on the financial markets, and through a bevy of EU levies and taxes on a range of industries over the coming decades.
• The euro gained 0.4% on the EU's recovery plan and stood at $1.10 in European trading.
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The European Commission unveiled a planned deployment of 750 billion euros ($826 billion) on Wednesday as part of its new long-term budget and recovery plan.

The European Union executive arm's groundbreaking push to aid the economic recovery of Europe against the coronavirus crisis will be funded by raising funds from financial markets.See the rest of the story at Business Insider

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