London | The European Commission has proposed a €750 billion ($1.24 trillion) plan to drag the Continent out of its historic post-pandemic economic slump and revive its green agenda, with the largesse heavily favouring stricken Italy and Spain.

The EC expects the European Union's economies to plunge a collective 7.4 per cent this year, the sharpest recession in the bloc's history. Though the downturn may have bottomed out last month, a proper revival is seen as impossible without massive fiscal stimulus.