The Intelligence from The Economist Grant them strength, or loan it: Europe’s historic deal
Jul 21, 2020
Tom Nuttall, Berlin bureau chief for The Economist, delves into the EU's groundbreaking recovery package, highlighting its monumental shift toward collective debt. Kinley Salmon, the Africa correspondent, shines a light on the escalating jihadist violence in the Sahel, revealing its spillover effects and a unique charity that helps inmates break into the music scene for rehabilitation. Their conversation weaves through political intrigue in Europe and resilience in Africa, showcasing hope amidst turmoil.
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Historic EU Recovery Deal
- EU leaders agreed on a €750 billion coronavirus recovery package, a landmark decision.
- This deal involves collective debt, a first in EU history, signifying a major shift in financial policy.
Two-Part Recovery Package
- The package has two parts: the EU's seven-year budget and "Next Generation EU."
- "Next Generation EU" involves the European Commission borrowing and distributing funds, a novel approach.
Concessions and Compromises
- The "frugal four" countries (Denmark, Sweden, the Netherlands, and Austria) secured increased rebates.
- The Netherlands got a special concession for the Rotterdam port, allowing them a larger share of customs duties.