The European Union, EU, is set to use an $857 billion stimulus package to battle the COVID-19 disease recession.
The unparalleled package allows for selling collective debts with the money given as grants other than loans to struggling countries.
On Tuesday, the EU leaders announced resuscitating their economies from drowning waters. This (concurring to a landmark spending stimulus package for the economies) is one of the most serious and important challenges in the bloc’s past.
France’s President, Emmanuel Macron, and Germany’s Chancellor, Angela Merkel, led an $857 billion stimulus package. This simultaneously sent a unity signal and also unraveled fault lines following Britain’s leaving of the bloc.
The remarkable and unparalleled deal is the first to sell bonds collectively. The proceeds will be shared out to most impacted nations by the epidemic in the bloc. This will be given as grants and not loans.
Merkel while talking to the press stated, a group of 27 countries has proved they can work effectively together despite varying backgrounds.
