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Here’s Why the Stimulus Deal Is Such a Big Deal for Europe

  • Funds will help countries repair economic damage from pandemic
  • ECB has long called for a more forceful fiscal action
Leaders take part in a roundtable meeting at the EU summit in Brussels on Dec. 10.

Leaders take part in a roundtable meeting at the EU summit in Brussels on Dec. 10.

Photographer: Dursun Aydemir/Anadolu Agency
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After a hard-fought battle, the European Union’s landmark 1.8 trillion-euro ($2.2 trillion) budget and stimulus package has finally got over the line.

It’s quite the achievement. Not only will the funds help the region overcome the economic damage the coronavirus left in its wake, but they pave the way for much deeper integration in the bloc and set the stage for the continent’s transition to a low-carbon economy. Europe’s leaders will also be hoping that the agreement puts talk of an EU breakup firmly in the past.