EU reaches €1.8 trillion pandemic stimulus bill after fractious summit

by   |  VIEW 771

EU reaches €1.8 trillion pandemic stimulus bill after fractious summit

In the early hours on Tuesday, leaders of the European Union had stamped a historic $1.8 trillion pandemic stimulus deal in a histrionic turn of event following an almost five-day long fractious summit that had witnessed a slew of spiteful remarks from the leaders of the both sides of the deal including the frugal four such as Sweden, Netherlands, Denmark and Austria alongside the key backers of the deal, the first- and second-largest economy of the bloc, Germany and France respectively, suggesting a likely upturn of the pandemic-hurt European economies.

In point of fact, under the terms of the accord reached earlier on Tuesday, the massive stimulus bill had laid off the groundworks for the EU Commission to raise tens of billions of euros on capital markets on behalf the 27-member states of the bloc, remarking an unprecedented act of camaraderie that had long been lost among the bloc’s member states which might just be able to heave the recessed European economy up from the pandemic-driven downturn.

In tandem, at a moment of transmutation for Europe, the Summit Chair, Charles Michel had announced the accord at GMT 0315 on Tuesday.

Europe is a concrete force for action, said Michael following the deal

As a matter of fact, there had been a number of blazing issues which analysts had warned could lead to a drawdown of the proposed stimulus deal spearheaded by the French President Emanuel Macron and the German Chancellor Angela Merkel before the onset of the summit, however, despite the bloc’s lag in solidarity, as the €1.8 trillion deal comprising of €750 billion in pandemic stimulus and the remaining in EU budgetary aid until end-2027, widely hailed as truly historic, came into action, a triumphant Michel said to the reporters shortly after the end of the summit, “This agreement sends a concrete signal that Europe is a force for action”.

Apart from that, several other European leaders including Poland and Austria, which would be the most-benefitted from the deal, were quoted saying that the €750 billion pandemic recovery fund alongside €1.1 trillion in 2021-2027 budgetary aid would pave the way towards a slow and steady economic recovery from the region’s gravest recession since the ages of World War II.