- "We did it! We have reached a deal on the [coronavirus] recovery package and the European budget for 2021-2027," tweeted European Council President Charles Michel after nearly five days of talks in Nice, France.
- "This agreement sends a concrete signal that Europe is a force for action," he added, prompting the euro to hit a fresh four-month high of $1.1470.
- Within the €750B coronavirus recovery fund, €390B will be offered as non-repayable grants (down from €500B originally proposed), and the rest in repayable loans. Leaders also agreed to an EU budget of over €1T that will run from next year to 2027.
- In terms of other measures, the EU has already approved a €540B package of short-term fiscal stimulus, on top of what individual nations announced for their own economies since the pandemic first struck Europe.
- The ECB is also buying government bonds as part of its Pandemic Emergency Purchase Program, which totals €1.35T.
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