EU leaders fail to endorse COVID-19 recovery fund
Jerome Hughes
Press TV, Brussels
Economists warn the only real solution to ensure the EU's finances get back on track is the discovery of a COVID-19 vaccine. Social distancing rules are making many businesses unviable. Also, many older people are reluctant to use facilities while the risk remains.
EU leaders concluded a virtual summit on Friday without reaching agreement on a recovery fund devised by the European Commission. The head of the EU's executive arm warns there is no time to waste
Netherlands, Sweden, Denmark and Austria are worried there is too much emphasis in the recovery fund on grants rather than loans. In the European Parliament, lawmakers have just concluded a debate focusing on how the pandemic has impacted EU foreign policy. It has been made clear the 27-nation bloc can no longer rely on the United States.
Critics say when it comes to foreign policy, the EU has always been Washington's lap dog and has shied away from challenging eurosceptic Donald Trump.
In this regard, standing up to Trump presented a real opportunity for the bloc to regain credibility many of the legislators here have suggested. They say so far it painfully is obvious this opportunity has been squandered.
Aside from COVID-19 and an anti-EU White House, economic uncertainty in the European Union is being compounded by Brexit. It's looking increasingly likely that London will walk away from Brussels at the end of this year without an all-important trade deal. The COVID-19 recovery fund and Brexit are the two main items on the agenda for the next EU leaders summit due to take place in a few week's time.
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