Dear MEL Topic Readers,
EU leaders strike 'historic' $2 trillion deal to rebuild Europe's economy
The EU is more united than ever before to cope with the economic and financial crisis caused by the coronavirus pandemic. Without the UK, the population of the EU is a little under 450 million and the GDP is slightly over 17 trillion dollars. The population of the US is around 320 million and the GDP is about 2 billion more than that of the EU's. Now, the leaders of the union gathered, discussed, and argued for four days and finally agreed to establish an $858 billion recovery fund to boost EU economies from the crisis. To create the fund, the EU will become a major borrower in global financial markets. It was very difficult for financially wealthy countries like Germany and Frugal Four, Netherlands, Denmark, Austria, and Sweden, to grant about half of the fund to the hardest-hit countries like Italy and Spain. But considerable and desperate efforts were made by the leaders and their administrations to keep the EU united rather than divided beyond their financial conditions and political calculations.
While the United States of America is getting more and more divided in multiple angles, the EU has demonstrated what political leaders can do to unite countries.
Enjoy reading the article and learn about the EU’s historic financial deal.