EU agrees on $2.1 trillion deal after marathon summit
A four-day long EU summit ended with an unprecedented $1.2 trillion budget decision to adequately address the risks posed by the COVID-19 pandemic within the EU. The recovery fund was established early on Tuesday at the end of one of the longest EU summits in history. The 27 leaders managed to negotiate out the massive aid package for those hit the hardest by the deadly virus, which has already killed 135,000 within the bloc.
The decision also establishes a COVID-19 fund that is based on common borrowing to be distributed as loans and grants to the countries suffering the most from the pandemic. This total is in addition to the budget that was established before the outbreak of COVID-19 which was debated among the EU for months. French President Emmanuel Macron praised the summit’s conclusion, stating that the consequences will be historic and allows for the EU to feel solidarity and have a “sense of sharing debt.”