EU leaders agree on unprecedented stimulus package

After several days of debate, which began in Brussels on Friday, European Union leaders have agreed on a support package worth 750 billion euros to help struggling countries recover from the COVID-19 pandemic. The recovery fund, drafted by German Chancellor Angela Merkel and French President Emmanuel Macron back in May, will deliver grants of 390 billion euros to economically weakened member states in southern Europe and a further 360 billion euros in low interest loans. Furthermore, around a third of funds have been earmarked for fighting climate change, with all expenditure having to align with the Paris Agreement`s goal of cutting greenhouse gases. European stocks as well as government debt from the riskier, periphery countries, rallied following the news and the euro strengthened.