EU approves US$2.2tn stimulus plan
COMPROMISE: The plan, to be financed by joint debt, had been held back earlier by protests by Hungary and Poland on tying funding to upholding democratic norms
Bloomberg
EU leaders meeting in Brussels resolved a standoff with two eastern member states that had threatened to delay a historic US$2.2 trillion budget and stimulus package just as the latest wave of COVID-19 infections ravages the continent’s economies.
A deal was agreed on Thursday with Hungary and Poland, which had angrily protested a mechanism tying funding to upholding democratic norms.
The agreement paves the way for the EU to put into effect not just its seven-year budget, but a 750 billion euro (US$909 billion) pandemic relief package that would be financed by joint debt, a landmark move by the bloc.
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