"The recovery plan turns the enormous challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalisation will boost jobs and growth, the resilience of our societies and the health of our environment". After all, Germany has been accused of tilting the playing field of the common market through the huge amount of subsidies received by its companies.
An early session gain by the Euro was driven by optimism generated by the European Commission's stimulus plan announced earlier this week, as well as investors' improved appetite for risk-taking as global economies gradually move to reopen after coronavirus-linked shutdowns, analysts said.
But Austria, Denmark, the Netherlands, and Sweden - known as the "frugal four" - have protested that proposal, saying the aid should instead come in the form of low-interest loans.
Following the revealing of a €750bn (£671bn) recovery plan to tug EU economies out of the deep financial downturn brought on by coronavirus, the European fee introduced additional particulars of inexperienced spending on Thursday.
What will the Commission leader say?
European Parliament President David Sassoli is seen before a plenary session to listen a new proposal for the EU's joint 2021-27 budget and an accompanying Recovery Instrument to kickstart economic activity in the bloc ravaged by the CCP virus outbreak, in Brussels on May 27, 2020. The fund is likely to be paid out in a mixture of grants and loans, with particular emphasis on both investment and reform.
While citizens across Europe are slowly returning to work, students gradually moving away from the Internet and returning to the classroom, the hardest hit countries such as Italy and Spain remain in dire need of money and want to avoid any long-standing hassles.
The money would be raised on the capital markets and would be paid back over a 30-year period starting in 2028, in part with new taxes including a carbon tax, a digital tax and a tax on non-recycled plastics, according to the European Commission.
The Commission also reiterated plans to pass a data law to capitalize on the treasury of the industrial, environmental, health, transportation and public administration data block.
"They proposed to levy a bunch of taxes, which is a new thing, a revolution in a way, for the European Union to levy taxes".
Planned EU definitions for green finance will also "guide" investment, the Commission said.
The commission has estimated that they will need €1.5 trillion to reboot the economy and the proposal suggests that they borrow €750 billion through a bond purchasing program. But concerns about the European Central Bank programme's future were raised earlier this month when Germany's top court ruled that it violated the German constitution.
Dutch Prime Minister Mark Rutte summed up the feelings of the wealthier states of Northern Europe on Tuesday. Mary Robinson, former United Nations climate envoy, and chair of the Elders group of worldwide leader, said: "Very definitely we need to tie together a green recovery and COP26 - that is imperative".
Italian Prime Minister Giuseppe Conte praised the European Union for going in the direction that Italy had recommended.
Italian Economy Minister Roberto Gualtieri said he was expecting an "ambitious proposal" that Italy had fought for and which "initially saw us isolated and then saw the consensus of many countries".