European leaders agree €750bn fund for recovery from coronavirus slump

Belgium Europe Summit

European leaders have taken a historic step towards sharing financial burdens among the EU’s 27 countries by agreeing to borrow and spend together to pull the economy out of the deep recession caused by coronavirus.

Pushed by Germany’s Angela Merkel and France’s Emmanuel Macron, leaders agreed to borrow jointly by selling bonds, using the European Union’s collective strong credit rating that keeps interest costs low.