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Austria, the Netherlands, Denmark, and Sweden published on Saturday their plan to support the EU economic recovery, affected by the COVID-19 pandemic, DW reported.

This project became an alternative to the proposal voiced earlier by German Chancellor Angela Merkel and French President Emmanuel Macron.

The countries plan create a special fund to strengthen the EU economy.

Emergency aid to the most affected countries is proposed to be allocated as one-time loans and to limit the areas of activity for which this money can be spent - mainly research and innovation fields - improving the sustainability of health care and ensuring the transition to a green economy.

According to the initiative of Merkel and Macron, the European Commission should take loans in the financial market for EUR 500 billion under EU guarantees and distribute them as subsidies to the most affected countries and sectors of the economy. Implementation of the plan is possible only with the consent of all EU member states.

Austrian Chancellor Sebastian Kurtz the day before sharply criticized the concept. Austria, the Netherlands, Denmark, and Sweden oppose an increase in the EU budget and general debt obligations, which, according to them, will allow less disciplined and weaker EU member states to benefit from their stronger partners.

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