EU reaches ‘historic’ €750bn deal on coronavirus recovery fund – The National

EU reaches ‘historic’ €750bn deal on coronavirus recovery fund – The National

The bloc's leaders agreed on stimulus plan after four days of negotiations in Brussels that required the unanimous approval of all 27 member states





























European Council president Charles Michel and European Commission president Ursula von der Leyen perform an elbow bump after a four-day European summit in Brussels, Belgium, on July 21, 2020. Reuters. 











European Union leaders reached a landmark agreement on a massive €750 billion (Dh3.2 trillion) stimulus package to help its member states cushion the blow of the coronavirus pandemic.



The agreement, reached in the early hours of Tuesday morning, comes after a difficult four-day summit in Brussels that required the unanimous approval of all 27 member states.



"We did it! Europe is strong, Europe is united," Charles Michel, president of the European Council said on Tuesday.



"This is a good deal, this is a strong deal and most importantly, this is the right deal for Europe right now."





The deal marks a win for French President Emmanuel Macron and German Chancellor Angela Merkel, who drafted an early outline for the proposal in May.



"This is an important