“We propose to create an emergency Fund, recovery-based approach “loans for loans”, – the document says of the Quartet to set out its position with other member States of the EU.

This plan is an alternative to the proposal put forward by the Chancellor of Germany Angela Merkel and President of France Emmanuel Macron. The concept envisages that the European Commission should take 500 billion euros on the capital market in the form of debt and to distribute them to the needy countries as grants through the EU budget.

the document submitted by Austria to the European Commission senior officials (Sherpas), it is noted that the recovery Fund must be created in addition to the aid package 540 billion euros has already been agreed to by the countries-members of EU at the summit on April 23. “However, we cannot agree with the use of tools or measures leading to the socialization of debt and a significant increase in the EU budget”, – stated the representatives of the “Thrifty four”.

And, as noted, the assistance should be strictly used specifically to restore and enhance the sustainability of the health sector and the economy as well as on research and innovation in accordance with the objectives of the EU climate and digital technologies. It also stresses the rule of law and protection from misuse of funds, which will ensure the active participation of the European audit court, the office for the fight against fraud OLAF and the European Prosecutor’s office.