The EU’s €750 billion Covid-19 recovery fund is historic, even if it falls short of 'Hamiltonian'

EU has reached an historic agreement on a coronavirus  pandemic recovery  fund and settled scores, writes Lionel Laurent 

German Chancellor Angela Merkel, right, and French President Emmanuel Macron prepare to address a media conference at the end of an EU summit in Brussels. Weary European Union leaders finally clinched an unprecedented budget and coronavirus recovery fund early Tuesday, finding unity after four days and as many nights of fighting and wrangling over money and power in one of their longest summits ever.  Picture: John Thys/AP

After days of bad-tempered talks, the European Union’s 27 members have agreed a €750bn Covid-19 recovery fund that looks like a historic step toward more joint stimulus across the bloc — even if it’s not yet a “Hamilton moment.” 

While the unusually united Franco-German duo of Emmanuel Macron and Angela Merkel couldn’t avoid watering down their original proposal, the deal is still worth cheering.