The Dutch welcomed new proposals on a massive EU stimulus fund on Saturday in a second day of negotiations among the bloc's leaders though a final deal on how to revive growth stifled by the coronavirus pandemic remained far off.
BRUSSELS - The Dutch welcomed new proposals on a massive EU stimulus fund on Saturday in a second day of negotiations among the bloc’s leaders though a final deal on how to revive growth stifled by the coronavirus pandemic remained far off.
With the pandemic dealing many European economies their worst economic shock since World War Two, leaders seek to agree on a 750 billion euro recovery fund and a 2021-27 EU budget of more than 1 trillion euros. But the Dutch position highlighted the deep splits in the bloc, as the executive European Commission seeks a mandate to borrow billions of euros on capital markets for the first time.
European Council President Charles Michel, who chaired the summit, then circulated new proposals seen by Reuters which tried to resolve the Dutch demands. Hungary, backed by its eurosceptic, nationalist ally Poland, threatened to veto the whole package over a new envisaged mechanism to freeze out countries flouting democratic principles.
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