The Coronavirus Crisis, a Historic Consensus of EU Countries

In Brussels, the heads of state of the 28 European Union countries have finally agreed on how and how much will be allocated for corona grants, loans and budgets. The meeting began at the EU headquarters in Brussels on Friday, July 18 and ended on Tuesday morning.

All the countries of Europe have suffered more or less economically due to the Corona infection. Spain and Italy, in particular, have been hit hardest by the outbreak of the corona.

In Brussels, EU leaders held more than 90 hours of talks from Friday to Tuesday to reach a mutual agreement on the historic Corona crisis. A huge budget of 85 trillion euros has now been agreed upon.

The issue of how much will be allocated as grants and how many loans will be allocated for the restructuring of the economy has come to a standstill. Although German Chancellor Angela Merkel and French President Emmanuel Macho offered incentives of 50 billion euros in grants, the four member states objected. Leaders from Denmark, Sweden, the Netherlands and Austria have called for further reductions in debt-free grants. Apart from that, the member countries of the south are demanding reforms in terms of jobs and pensions.

Eventually, the member states agreed to allocate 39 trillion euros in grants and the rest in the form of loans for the reconstruction of the Corona crisis. The six-year budget of the European Union was also discussed at the summit. European Union leaders have approved a six-year EU budget from 2021 to 2026.

"It is a wonder that we have been able to cope with this major economic crisis in Europe since World War II, and today is a historic day for Europe," said Ursa von der Leyen, President of the European Commission.

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