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International Internet Magazine. Baltic States news & analytics Wednesday, 08.12.2021, 14:10

Latvian MEP: EU budget needs to be doubled

BC, Riga, 02.05.2020.Print version
An increase in the European Union (EU) budget for the next two to three years would not only help countries "warm up their economies", but also increase the solvency of entrepreneurs, increase turnover and thus reduce rising unemployment, European Parliament Member Ivars Ijabs (For Development) believes, cites LETA.

Ijabs thinks that if the availability of financing varies considerably between member states, there is a high chance of facing mass emigration and even greater inequality between people. At the same time, he pointed out that the crisis could only be overcome by all member states working together.

The politician expressed the need to review the current EU multiannual budget by redistributing the necessary funding in favor of the immediate mitigation of the effects of the crisis.

"This crisis is very different from all the previous ones we have experienced so far. Combined with the extremely sharp economic downturn, member states must also continue to fight the coronavirus pandemic. Although we cannot anticipate every challenge, we can certainly be better prepared,'' he said.

The member states most affected by the crises must have immediate access to funding in order to avoid an economic recession, and so that other bloc countries do not suffer later, the politician believes, and a common fund or a special financial source must be set up to deal with the crisis.

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