EU Leaders Reach $2Tn Deal On Recovery Plan After Marathon Summit

• The 27 European Union governments have reached a breakthrough agreement over new fiscal stimulus, following marathon talks in Brussels that lasted four days.
• The European Commission, the executive arm of the EU, has been tasked with tapping financial markets to raise an unprecedented €750Bn ($857Bn). The funds will be distributed among the countries and sectors most impacted by the coronavirus pandemic, and will take the form of grants and loans.
• In addition to the recovery fund, the EU said its next budget, which will fund initiatives between 2021 and 2027, will total €1.07Tn. The two combined bring upcoming investments to the level of €1.824Tn. “This recovery fund will help us to almost double the European budget for the years to come,” French President Emmanuel Macron said Tuesday morning.

(Source: CNBC)