EU leaders yesterday agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory and tighten the financial bonds holding their 27 nations together.
The accord, reached in the early hours of yesterday after more than four days of acrimonious negotiations in Brussels, required the unanimous approval of the member states, and represents a victory for German Chancellor Angela Merkel and French President Emmanuel Macron, who drafted an early outline of the proposal in May.
The emergency fund is to hand out 390 billion euros (US$446 billion) of grants and 360 billion euros of low-interest loans.
Photo: AFP
Almost one-third of the funds are earmarked for fighting climate change and, together with the EU’s next seven-year budget of 1 trillion euros, would constitute the biggest green stimulus package in history.
All expenditures must be consistent with the Paris Agreement’s goal of cutting greenhouse gases.
The emergency funds would not only unleash vital financial support to the southern European economies hit hardest by COVID-19, but serve as validation that the EU can offer meaningful solidarity to members in need.
“I am very relieved,” Merkel said. “We have come up with a response to the biggest crisis the EU has faced.”
Italy, the original European epicenter of the pandemic, would likely be the biggest beneficiary of the plan.
It expects to receive about 82 billion euros in grants and about 127 billion euros in loans, according to initial estimates, a senior Italian official said.
Provisions to combat sliding democratic standards in eastern Europe were weakened at the last minute to get the deal over the line.
“This agreement sends a concrete signal that Europe is a force for action,” European Council President Charles Michel said at a news conference. “I believe this agreement will be seen as a pivotal moment in Europe’s journey.”
The agreement did not come easy. Talks came close to collapse at several points over the summit, as clashing national interests suggested consensus might be out of reach.
“Occasionally we can collide, but everybody can handle that, we are all professionals,” Dutch Prime Minister Mark Rutte said.
Crucially, the final compromise also included budget rebates for five fiscally hawkish northern nations — Denmark, Germany, Austria, Sweden and the Netherlands — which would get more than 50 billion euros in rebates over seven years, reducing their annual net contributions.
Taiwan’s Lee Chia-hao (李佳豪) on Sunday won a silver medal at the All England Open Badminton Championships in Birmingham, England, a career best. Lee, 25, took silver in the final of the men’s singles against world No. 1 Shi Yuqi (石宇奇) of China, who won 21-17, 21-19 in a tough match that lasted 51 minutes. After the match, the Taiwanese player, who ranks No. 22 in the world, said it felt unreal to be challenging an opponent of Shi’s caliber. “I had to be in peak form, and constantly switch my rhythm and tactics in order to score points effectively,” he said. Lee got
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