European Union (EU) leaders in June gathered for a virtual conference to reach a consensus on how to deploy the coronavirus rescue fund amid disagreements over who should bear the brunt of the cost, the bloc or individual member states. “We have a collective responsibility to deliver. Today EU leaders will discuss our long term EU budget and the recovery plan to fight COVID19. Now is the time to engage,” President of the European Council Charles Michel tweeted ahead of the summit.

President of the European Commission Ursula von der Leyen said the meeting was “a crucial step on the road out of the crisis”, reports Efe news. “I am very happy to present to European leaders our recovery package called Next Generation EU,” she said in a video statement. “This proposal is ambitious and it is balanced. Together with a new MFF this is a huge stimulus of 1,850 billion euros and it does not only help the economies of the countries which were hit the hardest by the virus it also helps the country whose economies have been hit indirectly because of the lockdowns.”