EU leaders finally have a deal on COVID economic relief after a marathon negotiating session. Here are the key details:
- The deal is worth 750 Euros, which is over $1.1 trillion CAD.
- More than half of that sum will be directed to states with weaker economies (generally those in southern Europe).
- This marks the biggest effort in Europe to date to deal with COVID reconstruction.
Dissent in the ranks
Not everyone was on board for the relief package, though. Angela Merkel (Germany) and Emmanuel Macron (France) were the chief proponents of the deal, while a group of northern nations — the so-called "frugal five" — including Finland, Austria, Denmark, the Netherlands, and Sweden, opposed letting the EU borrow to fund the relief programs.
While the package shows the possibility for European cooperation still exists to some extent, the negotiations required to achieve it suggest deep divisions on the continent.