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| Coronavirus: Huge economic rescue plan agreed by EU leaders | Coronavirus: Huge economic rescue plan agreed by EU leaders |
| (about 1 hour later) | |
| A plan for injecting billions of euros of emergency aid into Europe's battered economies has been agreed by EU heads. | A plan for injecting billions of euros of emergency aid into Europe's battered economies has been agreed by EU heads. |
| Meeting via video, they agreed to set up a massive recovery fund, closely tied to the bloc's seven-year budget. | Meeting via video, they agreed to set up a massive recovery fund, closely tied to the bloc's seven-year budget. |
| They also confirmed that €540bn (£470bn) of financial support would be released through existing mechanisms from 1 June. | They also confirmed that €540bn (£470bn) of financial support would be released through existing mechanisms from 1 June. |
| European Commission chief Ursula von der Leyen said the fund would mobilise €1 trillion of investment. | European Commission chief Ursula von der Leyen said the fund would mobilise €1 trillion of investment. |
| There has been bitter argument over how to fund the much-needed aid. But Italy's Prime Minister Giuseppe Conte said "great progress" had been made on Thursday. | There has been bitter argument over how to fund the much-needed aid. But Italy's Prime Minister Giuseppe Conte said "great progress" had been made on Thursday. |
| Italy - which has had the deadliest outbreak in Europe to date - had urged its EU partners, especially the richer countries of northern Europe, to show more solidarity. | Italy - which has had the deadliest outbreak in Europe to date - had urged its EU partners, especially the richer countries of northern Europe, to show more solidarity. |
| Leaders also agreed to follow guidance from the EU Commission - the organisation's executive arm - on easing their respective lockdowns once the spread of the virus had reduced for a "significant period". | |
| Details of how the longer term recovery plan will be funded will be discussed at another videoconference on 6 May. | |
| There had earlier been divisions over sharing the burden, with the Netherlands, Denmark, Austria, Germany and Sweden opposing France's proposal on how to support Italy and Spain in their recovery. | |
| But Prime Minister Conte expressed satisfaction with what had been agreed, calling it "an important milestone in European history". The French president, Emmanuel Macron said that divisions remained. | |
| "I'm saying this sincerely: if Europe raises debt to loan to others, that won't live up to the response we need," Mr Macron said. | |
| Ahead of Thursday's talks, German Chancellor Angela Merkel warned that her country was not seeing "the end phase but still just the beginning". | |
| "We'll have to live with this virus for a long time," Ms Merkel told parliament, adding that Germany should be ready to "make very different, meaning much higher contributions to the EU budget". |