The leaders of the European Union gathered on Friday for the difficult summit talks on a multi-billion euro plan to breathe life into their economy, their first summit face to face after the coronavirus pandemic plunged the block into its last crisis.
“This is a moment of truth and ambition for Europe”, – French President Emmanuelle Macron said when he arrived at the meeting of 27 leaders in Brussels after weeks of tension over the scope and scale of the rescue fund.
“Our European project is at stake. I am sure, but I am careful.”
The Dutch opposition and the threat of a Hungarian veto limit the chances of a deal on the EU budget for 2021-27 with just over €1 trillion ($1.1 trillion) and a new call for a €750 billion recovery fund to help rebuild the economy of the south most affected by the crisis.
The summit is scheduled for two days, although officials said it could last until Sunday if no agreement is reached. Luxembourg’s Prime Minister Xavier Bettel told Reuters that he brought an extra set of clothes just in case.
The stakes are high, as the economies of the EU countries are in a state of free fall, immediate relief measures, such as short-term work schemes that expire this summer and pave the way for what some fear will be the autumn of deep economic malaise and discontent.
This could hurt the European Union, which is already struggling with a protracted saga of Brexit and bruised by past crises, from financial collapse to migration infighting.
This, in turn, could expose it to more Eurosceptical, nationalist and protectionist forces and weaken its position against China, the US or Russia.
“Everyone knows that autumn will be difficult”, – said a senior government official in an EU country. – “It would be very good for Europe to send a message to all that we are united.
After months of feuding over medicines, medical equipment, border closures and money to respond to the coronavirus, the EU has already agreed on a scheme of half a trillion euros to soften the first blow of the crisis and narrowed some differences on how to finance the launch of economic growth in the long term.