The President of the European Council, Charles Michel, said today that the leaders of the European Union member states have agreed to request EU Commission to create plan for a joint COVID-19 recovery fund. The recovery fund is expected to be linked to the EUโs next long-term budget, for the 2021-2027 period.
The move, that demonstrated a rare show of unity, was hailed as a major step forward.
โWe have expressed strong will to move forward together,โ Michel said, adding that the details of the mechanism are still to be ironed out. He also said that the block’s leaders had also agreed to coordinate on a cautious relaxation of current coronavirus lockdown restrains.
Establishing a joint COVID-19 relief mechanism has been a major source of discord in the EU lately, as member states have been unable to agree on it – even in principle. While the worst coronavirus-affected nations have been calling for weeks for the issuance of joint Eurobonds, the more affluent nations, such as the Netherlands and Germany, have been very reluctant to share debt with those worst-affected by the pandemic.
Now, however, Germanyโs leader Angela Merkel said that itย โwas clear to everyone that we need such a recovery fund,โย and the joint solution serves her countryโs interests too.ย โThings can only go well for Germany if they go well for Europe,โย Merkel stated.
WHAT TO TAKE AWAY FROM THIS ARTICLE:
- The President of the European Council, Charles Michel, said today that the leaders of the European Union member states have agreed to request EU Commission to create plan for a joint COVID-19 recovery fund.
- While the worst coronavirus-affected nations have been calling for weeks for the issuance of joint Eurobonds, the more affluent nations, such as the Netherlands and Germany, have been very reluctant to share debt with those worst-affected by the pandemic.
- Establishing a joint COVID-19 relief mechanism has been a major source of discord in the EU lately, as member states have been unable to agree on it –.