Talking to the European Parliament Commission, EU economic commissioner Paolo Gentiloni said, if compared with the pandemic bailout package of US President Joe Biden, the EU can confidently stand next to Washington.

"So far, the measures taken by the member states and the EU have reached Euro 4.8 trillion," said the Italian Commissioner. At the same time, the EU has agreed to buy a general recovery fund package worth 750 billion euros (910 billion USD), plus a 7-year budget of 1.1 trillion euros (1.3 trillion USD), which will focus strongly on deal with the unprecedented economic downturn caused by Covid-19.

Many major social and economic policy issues as well as stimulus measures for large and small companies and the workforce are still implemented at the national level in the European Union.

The "Next Generation EU" package worth 750 billion euros allows the bloc to mobilize money on the market for the first time. Much of the aid will be spent in the poorer and more severely affected member states. 

EU Vice President Valdis Dombrovskis said that if requests from the member country go as planned, the first disbursements for advance funding could be made in July. The second round of funding is likely to be near the end of this year.

The EU has a strict set of standards that member states have to meet if money is paid: 37% must be spent on green projects, from offshore wind parks to bike tracks. And 20% have to find investment in digital projects, including 5G networks and digitizing public administration.

Funds will only be paid in installments, once the member states have demonstrated that previous aid has been spent as planned.