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.
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