Today, we face our very own defining moment.
What started with a virus so small your eyes cannot see it, has become an economic crisis so big that you simply cannot miss it.
Our unique model built over 70 years is being challenged like never before in our lifetime or in our Union's history.
The common European goods we have built together are being damaged.
Things we take for granted are being questioned. There is the Single Market that needs to recover. There is the playing field that needs to be made even again. And there are four freedoms that need to be fully restored.
The crisis has huge externalities and spillovers across countries. None of that can be fixed by any single country alone. A bankrupt company in one Member State, is a reliable supplier gone for a business in another. A struggling economy in one part of Europe, weakens a strong economy in another part.
This is about all of us. And it is way bigger than any of us.
This is Europe's moment.
We see the economic, fiscal and social fall-out across our Member States.
Divergences and disparities widen.
Complex questions of sovereignty and burden-sharing have to be balanced.
And so in front of us once again is that same binary choice.
We either all go it alone; leaving countries, regions and people behind, and accepting a Union of haves and have-nots, or we walk that road together.
We take that leap forward.
We pave a strong pathfor our people and for the next generation.
For me, the choice is simple.
I want us to take a new bold step together.
Europe is in a unique position to be able to invest in a collective recovery and a common future.
In our Union, people, business and economies depend and rely on each other.
In our Union, cohesion, convergence and investment are good for all.
And in our Union, we know that the boldest measures truly are the safest for our future.
This is why the Commission is today proposing a new recovery instrument, called Next Generation EU – worth EUR 750 billion.
It will sit on top of a revamped long-term EU budget of EUR 1.1 trillion.
Next Generation EU - together with the core MFF - sums up to EUR 1.85 trillion in today's proposals.
It goes alongside the three safety nets of EUR 540 billion in loans, already agreed by Parliament and Council.
In sum, this would bring our recovery effort to a total of EUR 2.4 trillion.