European Union leaders on Tuesday wrapped up acrimonious negotiations at a four-day summit to send a €1.8 trillion seven-year budget plan to European Parliament that includes a €750 billion coronavirus recovery fund for countries hardest hit by the pandemic.
The 2021-2027 E.U. budget plan, equivalent to US$2.1 trillion, would provide €1.1 trillion for hundreds of E.U. programs. It also would offer a wide-ranging package of COVID-19 relief, called Next Generation E.U., borrowing up to €750 billion in the financial markets.