Macron Describes the EU Budget and Economic Recovery Summit as “a Moment of Truth”

EU leaders at an emergency summit in Brussels will discuss a plan for economic recovery after the coronavirus crisis and the EU budget for the next seven years. The extraordinary summit of the European Union, which opened in Brussels on Friday, July 17, will be the “moment of truth” for Europe. This statement was made by French President Emmanuel Macron on the eve of the two-day event, which is the first face-to-face meeting of EU leaders for 5 months. Participants in the summit will discuss the European Commission plan for economic recovery after the crisis caused by the coronavirus epidemic. The recovery fund is worth 750 billion euros, which are supposed to be borrowed in the financial markets. EU leaders in Brussels also need to agree on an EU budget for the next seven years. Macron described the situation as “an unprecedented crisis in healthcare, the economy, and the social sphere”. The head of the Champs Elysees promised to do everything possible to reach a compromise together with German Chancellor Angela Merkel and European Council President Charles Michel. Finding a consensus will allow starting economic recovery and building a new independence in technological, industrial and environmental aspects, the French President stressed, expressing cautious confidence in the success of the summit.