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EU leaders reach a breakthrough on the region’s 750 billion euro recovery fund

The 27 European Union governments have reached a breakthrough agreement over the region’s 750 billion euro pandemic recovery fund, following marathon talks in Brussels.

European Council President Charles Michel said he believes this deal will be seen as a “pivotal moment” for Europe.

“We did it! Europe is strong. Europe is united,” he said in an early Tuesday press conference announcing the agreement. “These were, of course, difficult negotiations in very difficult times for all Europeans.”

Michel said the agreement “is a good deal, this is a strong deal and, most importantly, this is the right deal

for Europe right now.”

The heads of state have been locked in talks since Friday morning to discuss the proposed fund and the EU’s next budget. However, deep differences on how to divide the amount between grants and loans, how to oversee its investment and how to link it with the EU’s democratic values prolonged the talks into one of the longest EU summits in history.

“Europe, as a whole, has now a big chance to come out stronger from the crisis,” European Commission President Ursula von der Leyen said.

“We have a lot of work ahead of us, but tonight is a big step forward towards recovery,” she said.

n terms of other measures, the EU has already approved a 540 billion euro package of short-term fiscal stimulus to address the ongoing economic shock. This comes on top of what the individual governments announced separately for their own economies since the pandemic first struck Europe.

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Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

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AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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