European Union leaders agreed on Thursday evening to the principle of the Corona epidemic economic recovery fund, but at the end of their summit they transmitted the controversial fund details and how to fund them to the European Commission.
The 27 leaders held a four-hour video conference to study the proposals, as they rallied behind the largest budget for the period from 2021 to 2027, including an economic recovery program.
Although the leaders did not reach a critical decision on the economic rescue plan, they supported a previous proposal to put forward what they called a "safety net" for companies, workers and governments regarding temporary support for these sectors.
The size of the proposed contingency fund is 1 trillion Euros to assist in the efforts to recover from the Corona pandemic.
Italian Prime Minister Giuseppe Conte praised what he said was a "great progress" after the summit ended, but French President Emmanuel Macron told reporters in Paris that "differences remain."
"I honestly say: If Europe takes a loan to lend to others, that will not rise to the level of response we need," Macron added, adding that it would burden countries already in debt, such as Italy, Belgium and Greece.
The European Summit was attended by the heads of the three European institutions, the Council, the Commission and Parliament, in addition to the Commissioner for External Relations, the President of the European Central Bank and the President of the Eurogroup.
Some countries - including Italy and Germany - had anticipated the meeting with statements of possible flexibility to adjust their positions, in addition to putting all options on the table.
German Chancellor Angela Merkel said that all efforts at the national level could be successful if the Europeans cooperated with each other.
Merkel expressed her country's readiness to make greater contributions to the budget of the European Union, but she renewed her rejection of the idea of joint European borrowing or the so-called "Corona Bonds", to face the economic repercussions resulting from the pandemic crisis.