EU clinches deal on US$860 billion coronavirus rescue fund after marathon summit

Officials said the agreement, which came after more than four days of negotiations, is critical to dispel doubts about the bloc’s very future

French President Macron said the deal was ‘truly historic’

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German Chancellor Angela Merkel (R) and French President Emmanuel Macron at the EU headquarters in Brussels. Photo: Reuters

Published: 2:38am, 21 Jul 2020Updated: 1:20pm, 21 Jul 2020

European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies at a predawn meeting on Tuesday after a fractious summit that went through the night and into its fifth day.

Summit chairman Charles Michel tweeted “Deal” soon after the 27 leaders reached agreement at a 5.15am (local time) plenary session.

“This agreement sends a concrete signal that Europe is a force for action,” Michel said at a news conference.

“It is about a lot more than money. It is about workers and families, their jobs, their health and their well-being. I believe this agreement will be seen as a pivotal moment in Europe’s journey, but it will also launch us into the future.”

French President Emmanuel Macron said the deal was “truly historic” and that he was convinced the recovery plan and budget could meet the challenge of the coronavirus pandemic.

“This was a summit whose conclusions are truly historic. We have put in place the capability to borrow collectively, to put in place a collective recovery plan, for the first time,” Macron said. “With this recovery plan, we will reach a near doubling of the European budget over the next three years.”