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EU Approves $2.2 Trillion Stimulus Plan Backed by Joint Debt

  • Eastern nations lift vetoes on budget, virus-relief fund
  • Rule-of-law mechanism they objected to will remain in place
Bloomberg business news
Budget Deal Is a Win For European Citizens: Jourova
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European Union leaders meeting in Brussels resolved a standoff with two eastern member states that had threatened to delay a historic $2.2 trillion budget and stimulus package just as the latest wave of coronavirus infections ravages the continent’s economies.

A deal was agreed on Thursday with Hungary and Poland, which had angrily protested a mechanism tying funding to upholding democratic norms. The agreement paves the way for the EU to put into effect not just its seven-year budget but a 750 billion-euro ($909 billion) pandemic relief package that will be financed by joint debt.