Thierry Monasse via Getty The European Union on Wednesday proposed a 750 billion euro recovery package as the economic bloc attempts to crawl out of its worst economic crisis in decades. Representing a major step towards a revival of the 27-member union, the EU fund is expected to be financed through borrowing, by issuing long-term government bonds in global financial markets. While analysts at Bank of America believe the EU fund is a decent starting point to negotiations, they say it is "too small and too late" for urgent economic needs. Goldman Sachs analysts praised the plan as more "ambitious" than the Franco-German proposal valued at €500 billion. Visit Business Insider's homepage for more stories. The European Union this week proposed a recovery package valued at €750 billion (about $826 billion), to revive the 27-member bloc from the devastation of the coronavirus pandemic.