French President Emmanuel Macron, second left, speaks with German Chancellor Angela Merkel during a round table meeting at an EU summit in Brussels, Monday, July 20. European Union leaders agreed on a landmark stimulus package that will allow the bloc to issue 750 billion euros (US$860 billion) of joint debt to help member states mitigate the economic downturn. The emergency fund will give out 390 billion euros of grants and 360 billion euros of low-interest loans. Almost a third of the funds are earmarked for fighting climate change and, together with the bloc’s next 1 trillion-euro, seven-year budget, will constitute the biggest green stimulus package in history. “This agreement sends a concrete signal that Europe is a force for action,” Charles Michel, president of the EU leaders’ council, said at a press conference afterward.

Source: The Standard July 21, 2020 04:07 UTC