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Lionel Laurent

Macron and Merkel Deliver an $859 Billion Breakthrough

The EU’s $859 billion Covid-19 recovery fund is historic, even if it falls short of “Hamiltonian.”



Photographer: JOHN THYS/AFP

After days of bad-tempered talks, the European Union’s 27 members have agreed a 750 billion-euro ($859 billion) 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.