€1.82T budget Agreed by EU members
After long deliberation the European Union leaders have agreed on €1.82T budget that will use to strenghten the member countries after the corona-virus breakout.
Breakdown of the deal is as follows €750 billion to respond to the coronavirus pandemic, €390 billion in grants and €360 billion in loans, which will be attached to a new €1.074 trillion seven-year budget bringing the total financial package to €1.82 trillion.
The total death of corona-virus round the EU block totalled 135,000 at the moment with Italy, Spain, Portugal, France among the highest infected countries. These countries are in the first phase of recovery state and the injection of funds in grants to these economy’s is a big boost to the countries and also to EU block as a whole as explained by Ursula the EU President.
She continue that it was “regrettable” that some spending areas such as health were reduced in the final deal among leaders.
But she added that while the EU is often accused of doing “too little, too late,” that charge can’t stick this time. “We negotiated four long days and nights, more than 90 hours, but it was worth it,” The success of this meeting by the bloc members shows the unification of the union and also prove that the agenda and purpose of the union is gaining its high ground . Some of the leaders in the meeting praised the success expecially the Italian leader who expressed his countries happiness by saying that this fund will help the economy in the recovery process
The German councillor angela Merkel who worked hard to make sure this is a success said after the annoucement the she felt very hapy and relived “That was not easy that we needed so many days, it showed also that we came from different directions. But what counts for me is that we ended up getting it together and that we are now all convinced of what we decided to do,” Merkel added. Giuseppe Conte, the prime minister of Italy which has been hit particularly hard by the crisis, said it was “a historic moment for Europe.”
Macron was so happy to express that this is “a historic change of our Europe and eurozone.” He praised the outcome irrespective of the fact that some member bloc who was not hardly hit was in favour of reducing the grant package, which actually delayed the agreement for few days.