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What EU leaders agreed on the post-coronavirus recovery package

European Commission will borrow massively on the market and then grant much of the cash, rather than lend it, to countries most in need of economic stimulus

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3 min read Last Updated : Jul 21 2020 | 12:30 PM IST

European Union leaders reached a deal on Tuesday on a package of measures to boost their economies after the coronavirus pandemic, agreeing to borrow and spend hundreds of billions of euros in the next few years and pay them back from new taxes.

1. Key to the deal is a new element in EU policy making: the European Commission will borrow massively on the market and then grant much of the cash, rather than lend it, to countries most in need of economic stimulus.

EU leaders agreed the Commission would cheaply borrow 750 billion euros using its triple-A rating. Of that, it

Topics : Coronavirus European Union Economic slowdown

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