EU Leaders Seal the Deal on $2.1 Trillion Coronavirus Recovery Fund

‘’We will have a great responsibility. With 209 billion euros, we have the possibility to relaunch Italy with strength, to change the face of the country. Now we must hurry. We must use this money for investments, for structural reforms,’’ Conte said. Spain faces similar challenges.

Even if Tuesday’s agreement was a giant leap forward, the European Parliament, which has called the moves of the member states too timid considering the challenge, still has to approve the deal.

Rutte and others also wanted a link to be made between the handout of EU funds and the rule of law — a connection aimed at Poland and Hungary, countries with right-wing populist governments that many in the EU think are sliding away from democratic rule.

In its conclusion, the European Council underlined the “importance of the respect of the rule of law” and said it will create a system of conditionality aimed at preventing member states from getting subsidies from the budget and recovery fund if they don’t abide by its principles.

But Tuesday was a moment to revel in the achievement itself.

What was planned as a two-day summit scheduled to end Saturday was forced into two extra days by deep ideological differences among the 27 leaders. 

(Writer: Raf Casert | Editor: Samuel Petrequin) 

Source: https://apnews.com/303edfddebb054b0cc6c819d83b6c7b1