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EU leaders working on ambitious post-COVID economic recovery plan

EU leaders working on ambitious post-COVID economic recovery plan
EU leaders working on ambitious post-COVID economic recovery plan

With several European countries successfully flattening the curve, European Union leaders are reportedly working on an unprecedented post-COVID economic plan in an unscheduled summit for a third day in a row in Brussels.

Sources cite, some of the member states have conveyed that the proposed €750 billion ($857 billion; £680 billion) economic relief package is too big and should come in the form of loans, instead of grants.

While EU members have still to come to a consensus on the plan, European Council President, Charles Michel reminded EU leaders that globally more than 600,000 people have lost their lives because of the virus. Michel further implored EU leaders to come to an agreement soon so that tomorrow’s news headlines state that the EU has successfully accomplished an impossible mission.

The third day of discussions followed an unprecedented one-day infectious cases rise worldwide. According to the World Health Organization’s most recent case count on Saturday, new COVID-19 cases rose by approximately 260,000 within a 24 hour period.

WHO Officials stated that this was so far the biggest single-day rise since the pandemic started spreading. It also marked the first time new daily cases surpassed the quarter of a million mark. The second biggest rise in terms of new confirmed COVID-19 cases was recorded just one day prior by the WHO.

Leaders of EU member countries first assembled Friday, 17th July 2020, in Brussels to debate the bloc's proposed seven-year budget of €1 trillion as well as the planned economic stimulus package designed to effectively help European countries recover from the pandemic.

Member EU states are divided between those that are hit the hardest by the coronavirus outbreak, and those that are concerned about the overall costs of the proposed recovery plan.

A couple of northern member nations such as Sweden and Netherlands are in disagreement with the proposed package, arguing that it should not be in the forms grants and should instead be given out as loans.

However, other member nations including Spain and Italy, who have been hit the hardest, are desperately looking to revive their respective economies. These members have claimed that the EU has not done enough to help the members that have been hit more significantly by the pandemic.

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Omkar Patwardhan started his professional career in the hospitality industry. Having nurtured a deep-sated passion for words however, he found his way into content writing and now pens down articles for and a few other websites, spanning the sectors of business, finance, and technology./