ECB's Schnabel: EU recovery stimulus may prove insufficient

The European Central Bank (ECB) executive board member Isabel Schnabel said late Tuesday that the European Union’s (EU) EUR750 billion ($893 billion) covid recovery fund may prove too small, per Reuters.

Key quotes

“It’s possible that the European support plan proves to be insufficient, but that debate is premature.” 

“What matters now is that the European funds that have been approved are paid out as quickly as possible. It’s absolutely essential, any delay would be harmful.”

“By September it can start disbursing the money, which will be raised through joint borrowing by EU member states.”