French President Emmanuel Macron’s show of strength had a catalytic effect in reaching a consensus among the 27 EU member state leaders.
The agreed recovery plan it involves Euro 750 billion in loans and grants to be shared by EU member states to fight the economic effects of the corona virus pandemic. Euro 390 billion will be provided to member states in the form of grants and the rest Euro 360 billion as low-interest loans.
It is a huge joint borrowing and the biggest by far ever agreed by the EU.
The EU member state leaders summit started on Friday the 17th of July 2020 and lasted for more than 4 days until the early hours of Tuesday the 21st of July 2020.
The agreed recovery package will undergo a technocratic review and agreement and will be put for voting by the EU parliament.
“We have reached a deal on the recovery package and the European budget. These were, of course, difficult negotiations in very difficult times for all Europeans. A marathon which ended in success for all 27 member states, but especially for the people. This is a good deal. This is a strong deal. And most importantly, this is the right deal for Europe, right now.” – President Charles Michel at the press conference of the European Council.
CLICK HERE for President Charles Michel’s remarks after the Special European Council, 17-21 July 2020