European Council President Charles Michel, right, and European Commission President Ursula von der Leyen after a video conference with EU leaders at the European Council building in Brussels, April 23, 2020.European Union leaders agreed on Thursday to build a trillion euro emergency fund to help recover from the coronavirus pandemic, avoiding another all-night bust-up but leaving divisive details until the summer.
Europe is facing a severe economic shock from the spread of COVID-19, the respiratory disease caused by the novel coronavirus, which has also led to border closures across the bloc and left member states fighting over medical supplies. Conte told leaders that a recovery fund should be 1.5 trillion euros in size and provide grants to EU governments to stop countries heading toward economic collapse and thereby threatening the viability of the bloc’s internal market.
Kurz said he would co-ordinate with “like-minded countries,” a reference to wealthy but cautious northern countries such as Denmark, Sweden, Finland and the Netherlands, who resent having to pay for poorer southern countries they see as fiscally irresponsible. Commission President Ursula von der Leyen said EU countries had so far handed out state aid worth 1.8 trillion euros to cushion the economic hit and that the new recovery fund would be in the order of magnitude of a trillion euros.
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