BRUSSELS (HRNW) – European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days.
The agreement paves the way for the European Commission, the EU s executive, to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost seven decades of European integration.
Summit chairman Charles Michel called the accord, reached at a 5.15 a.m. (0315 GMT), a pivotal moment for Europe.
Many had warned that a failed summit amid the coronavirus pandemic would have put the bloc s viability in serious doubt after years of economic crisis and Britain s recent departure.
World shares climbed to their highest since February and the euro briefly hit its strongest since March on news of the deal.
“This agreement sends a concrete signal that Europe is a force for action,” a jubilant Michel told reporters.
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