COMING TOGETHER

European Union Agrees to $858 Billion Coronavirus Recovery Fund

Deal will see common debt raised for the first time, after a marathon 90-hour meeting.

European Union leaders agreed Tuesday to a €750 billion ($858 billion) coronavirus stimulus fund after 90 hours of negotiations, the second-longest European Council meeting in history. The stimulus plan will see the EU raise common debt for the first time, a move that had significant resistance from a group of so-called frugal northern member states led by the Netherlands. The bloc is grappling with expectations of its economy shrinking by 8.3 percent this year. “This recovery fund that is based on European solidarity is indeed a historic change, a historic step for Europe,” French President Emmanuel Macron said. The leaders also signed off on a historic €1.8 trillion ($2.05 trillion) package to fund the next seven years of spending.