EU leaders were making progress on Monday after three days of haggling over a coronavirus rescue plan, sending the euro to a four-month high.
President of the European Council Charles Michel meets with Malta's Prime Minister Robert Abela, Bulgaria's Prime Minister Boyko Borisov, Romania's President Klaus Werner Iohannis and Croatia's Prime Minister Andrej Plenkovic during European Union Council over a post-virus economic rescue plan, in Brussels, Belgium July 19, 2020. Francois Walschaerts/Pool via REUTERS
On Sunday, a compromise failed when a deal envisaging 400 billion euros in grants was rejected by thrifty northern states. Bloomberg News reported on Monday that those countries would accept 390 billion euros in grants, citing unnamed officials. “It seems much depends on whether Macron believes this to be ambitious enough...it seems we may be on hold until this afternoon though but the fact that we are still going well into a fourth day suggests a desire to get something done.”“It might be enough for European leaders to at least produce a statement during the day, referring to the progress made in the negotiations, in order to prevent a major collapse in the euro exchange rate.
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