The EU Summit at Brussels has entered its fourth day, as the differences, which are mainly related to the Recovery Fund, have not been bridged. The Summit will resume today at 17:00.
The recovery fund had originally set €500 billion to be handed out as grants and €250 billion in loans.
But the so-called “frugal” countries (Netherlands, Austria, Sweden, Denmark, and Finland) want the amount of aid to be reduced to €350 billion, amount which is considered unacceptable by Paris and Berlin.
It is better to agree on this ambitious plan even if it takes a little longer, said ECB chief Christine Lagarde. For his part, Greek Prime Minister Kyriakos Mitsotakis noted that “everyone must make compromises, but these compromises cannot weaken the ambition for a brave European response to the coronavirus crisis and the economic storm it has caused.”