EU Agrees Landmark 750-Bn-Euro Virus ‘Marshall Plan’
Luxembourg Prime Minister Xavier Bettel, Belgian Prime Minister Sophie Wilmes, President of the European Commission Ursula von der Leyen, French President Emmanuel Macron, Germany’s Chancellor Angela Merkel and Finland’s Prime Minister Sanna Marin talks prior their European Union Council in Brussels on July 17, 2020, as the leaders of the European Union hold their first face-to-face summit over a post-virus economic rescue plan.
He dubbed the summit “a marathon which ended in success for all 27 member states, but especially for the people.” “This is a historic change for Europe,” Macron told reporters in a joint press conference with German Chancellor Angela Merkel, speaking of her relief that Europe had, in her eyes, shown itself equal to “The greatest crisis in the history of the European Union.”The package will send tens of billions of euros to countries hardest hit by the virus, most notably heavily indebted Spain and Italy that had lobbied hard for a major gesture from their EU partners.
But Prime Minister Mark Rutte of the Netherlands denied that the advent of joint borrowing for the rescue heralded the start of what he had warned of before the talks — a “transfer union” with a permanent north south transfer of wealth. To meet their concerns, payouts from the package will come with important strings attached — a hard pill to swallow for Rome and Madrid who deeply resisted anything resembling the harsh bailouts imposed on Greece, Portugal or Ireland during the debt crisis.
The rescue package was agreed along with the EU’s long-term budget, bringing the agreed spending to 1.8 trillion euros through 2027.
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