Special EU summit struggles to reach agreement on multi-billion financial relief bill

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Special EU summit struggles to reach agreement on multi-billion financial relief bill

On Saturday, following six hours of tentative negotiations at the emergency EU summit in Brussels, the 27-nation pact of European Union had failed to reach an agreement on the billion dollar financial aid package, though leaders of the bloc’s first- and second-largest economy, German Chancellor Angela Merkel and the French President Emanuel Macron had pledged their supports for a monumental relief bill from the EU Commission which is expected to continue until end-2027.

In point of fact, the key conflict of interests between the EU diplomats seemed to be whirling around a sheet difference of opinion on both EU budget framework between 2021-2027 alongside the likely trillion-dollar pandemic relief bill.

Nonetheless, later on Friday, before departing for Brussels, German Chancellor Angela Merkel had warned over a decipherable EU budget bill alongside a concise pandemic relief bill adding “I cannot say whether we will come to a conclusion this time.

The differences are very, very big. Everyone would have to compromise.

Berlin and Paris pledge their support to EU Council to achieve a breakthrough EU budget bill

Meanwhile, despite backing from Merkel and Macron for a landmark EU budget bill between 2021-2027 alongside roughly €750 billion in pandemic aid package, a number of EU delegates had expressed sheer concern over the relief bill, as the Dutch PM Mark Rutte, often viewed as a hardliner in the negotiations, was quoted saying in a Dutch Television interview that he was “not optimistic” and was seeing the chance of an agreement below 50 per cent.

On top of that, as controversies were looming large over a proposed €750 billion pandemic relief bill which might have heaved up the EU economy from the pandemic-led recession, insisting on an agreement, the EU Commission President Ursula Von der Leyen said on Saturday, “The whole world is watching Europe to see if we can stand up together,” adding that a second emergency summit in a near-term outlook or an extension of the latest leg of debates to Sunday might be possible.