EU leaders agree on Trillion Euro emergency fund

Tista' taqra bil- Malti.

European Union leaders agreed on Thursday to build a trillion euro emergency fund to help recover from the coronavirus pandemic, avoiding another all-night bust-up but leaving divisive details until the summer.

Meanwhile, on May 6, the European Commission will put forward a draft proposal for a new long-term budget, including a plan to finance the economic recovery from the coronavirus crisis. The timing, which von der Leyen confirmed during a videoconference of EU heads of state and government, gives the Commission just 13 days to develop the plans, which are expected to include financing for a recovery initiative totaling as much as €2 trillion.

Leaders tasked the European Commission, the EU executive, to present detailed proposals by May 6, diplomats said.