EU starts new chapter with 750 bln COVID-19 recovery fund, Germany says

German Finance Minister Olaf Scholz called the European Union's 750 billion euro ($905.85 billion) recovery fund, intended to kick-start the economy hit hard by COVID-19, a groundbreaking step for the 27 nation bloc. "Today, Europe is starting a new chapter.

German Finance Minister Olaf Scholz called the European Union's 750 billion euro ($905.85 billion) recovery fund, intended to kick-start the economy hit hard by COVID-19, a groundbreaking step for the 27 nation bloc.

"Today, Europe is starting a new chapter. It's a chapter that embraces the future," Scholz said on Tuesday as he and his French counterpart Bruno Le Maire presented their countries' plans for the disbursement of the money in an online news conference.

Germany, France, Italy and Spain would submit their national recovery plans to the EU Commission this week, he added. ($1 = 0.8280 euros)