Recovery funds to spur reform and recovery – ECB

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(ANSA) – ROME, FEB 4 – Eurozone members must use the EU’s
COVID Recovery Fund to make structural reforms that will spur a
post-virus recovery, the Euroepan central Bank said Thursday.
    The ECB said this was “vital” for the recovery of economies
which have been pushed into their worst recessions outside of
wartime.
    For the moment, the central bank said, the recovery is still
being undermined by the rise in coronavirus contagion and rigid
containment measures.
    Most of the recovery funds must be destined to productive
investments so as to implement structural reforms, it said.
    Italy has secured the largest single chunk of the 750 billion
Recovery Fund, 209 billion euros.
    Other EU monies have boosted the overall resources to 223
billion.
    A row over spending plans led to the recent fall of the Italian
government and to former ECB chief Mario Draghi’s current bid to
form a new government.
    Draghi has vowed to revamp the existing Italian recovery plan,
which must be submitted to the EU for approval by April.
    Draghi’s possible arrival has prompted a sharp fall in the bond
spread, a mark of investor confidence, which has fallen from
near 120 to 103 points. (ANSA).
   

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