Categories: Business

EU leaders reach recovery deal to fight corona crisis

Photo: AP

EU recovery fund

new Delhi. After a four-day effort between EU leaders, a budget of 1,820 billion euros (US $ 2,100 billion) and the Corona Virus Reform Fund were somehow agreed on Tuesday. Earlier, during a long summit meeting between these leaders, there were many sharp arguments about money and power. To face a major recession in history, EU countries will create a corona virus fund of 750 billion euros. This will partly involve shared borrowings. This fund will help the countries most affected by the virus in the form of loans and grants.

With this, the European Union's budget of 1,000 billion euros for seven years was also agreed. The total grant previously proposed was 500 billion euros, which was reduced to 390 billion euros. Belgian Prime Minister Sophie Wilmes said, "Never before had the EU invested in such a way in the future." "The results will be historic," said French President Emanuel Macron. Together, we have created the possibility of taking loans and established a reform fund in a spirit of solidarity. "German Chancellor Angela Merkel said," This is an extraordinary epidemic that has reached all of us. This requires extraordinary and innovative methods. "Merkel said," We have laid the financial foundation of the European Union for the next seven years and have taken steps towards facing this biggest crisis of the European Union. " "Macron said," when Germany and France stand together, they can do anything. But if they did not stand together, nothing would be possible. "Earlier Merkel and Macron wanted a grant of 500 billion euros in total, but five wealthy northern countries led by the Netherlands demanded such spending cuts. And they wanted the condition of strict economic reforms to be combined with the grant. The grant amount was then reduced to 390 billion euros, and these five countries were guaranteed that the grants would be linked to economic reforms.

This post was published on July 21, 2020 6:18 pm

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