EU countries will be able to launch the bloc's coronavirus recovery plan in June after all 27 members approved the scheme, the European Council announced Monday.

"The EU is now able to obtain the necessary funding for the European social and economic recovery," said Antonio Costa, the prime minister of Portugal, which currently chairs the Council, in a statement. 

The Commission will now be able to go to the capital markets and borrow the money to finance the plan in the name of the EU members. In this approach, the Commission plans to raise up to around €800 billion in current prices until 2026.