BRSSEL (AFP) – Chancellor Angela Merkel (CDU) has described the agreement at the EU financial summit as an “important signal”. She was “very relieved” that Europe had shown after difficult negotiations that “it can act together,” said the Chancellor in Brussels early Tuesday morning. A € 1.8 trillion financial package was adopted at the meeting. It consists of the Corona Development Fund against the economic consequences of the Corona crisis and the next seven-year EU financial framework.
After the four-day and four-night summit, it was good “that we finally pulled ourselves together,” said Merkel. Europe has shown that it is ready to respond to exceptional situations with exceptional answers. But it was also clear that there would be “very difficult discussions” with the European Parliament again. Parliament still has to approve the compromise. Since Friday, the heads of state and government had mainly negotiated the development plan against the economic consequences of the Corona crisis. It is worth a total of 750 billion euros.
The proportion of grants that do not have to be repaid by the recipient countries was highly controversial. Under pressure from a group of countries around the Netherlands and Austria, it was reduced from 500 to 390 billion euros. The rest are given as loans.
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DJG / cbr
(END) Dow Jones Newswires
July 21, 2020 00:33 ET (04:33 GMT)