Europe shows solidarity in landmark debt mutualisation commitment

Europe’s leaders have concluded four days of tortuous negotiations in Brussels to unite behind a historic coronavirus recovery fund which binds the bloc into a tighter fiscal union. The landmark package will see the EU raise €750bn in the capital markets to support economic recovery and cement unity between member states with widely differing existing government debt profiles and borrowing costs. The EU solidarity provides financial support to nations most severely ravaged by the virus, particularly across Southern Europe.

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