EU leaders agree on emergency pandemic recovery fund

US, WASHINGTON (ORDO NEWS) — EU leaders on Thursday agreed to set up an emergency fund, which could exceed a trillion euros, to help recover from the coronavirus pandemic, but left controversial details before the summer.

The leaders of the 27 countries of the bloc held a four-hour video conference to consider proposals related to a larger general budget for 2021-2027 and a recovery program.

French President Emmanuel Macron said that there is disagreement between the governments of the EU countries over whether the fund should transfer grant money or simply issue loans.

“Contradictions remain,” Macron told reporters in Paris.

“I say this sincerely: if Europe increases debt to lend to others, it will not correspond to the answer we need,” Macron said.

Europe faced a severe economic shock as a result of the spread of coronavirus, which also led to the closure of borders across the block.

The leaders at the end of the videoconference also approved a plan for supporting the block economies affected by coronavirus for a total of 540 billion euros, previously agreed by the EU finance ministers.

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