After going through four-day discussion and argumentation, the EU leaders finally reached an important agreement to overcome the impact of Covid-19 pandemic. The European Union summit which ended on Tuesday, July 21 agreed to raise around 2 trillion euros to deal with the problem. Although it was hampered by Hungary and Poland, European Council President Charles Michel said the summit was a success. The 4-day marathon discussion finally succeeded in providing new hope for handling the Covid 19 impacts. French President Emanuel Macron even said that the results of the summit this time was a historic moment for the European Union.
Funds of around 2 trillion Euros which were agreed by the EU leaders will be channeled in the form of grants and loans, for EU members who need it due to significant impacts from the Covid19 pandemic. However, European Commission President Ursula von der Leyen had expressed disappointment because of budget cuts for research and innovation.
The commitment and agreement of EU leaders is noteworthy as a joint success in dealing with Covid-19 and its impact. Leaders have used the organization they formed to discuss urgent and important issues related to the Covid19 pandemic. The provisions of the summit could serve as examples for other regional organizations in viewing and resolving the problem which has hit almost every country in the world. For organizations outside the European Union, different views and commitments are often an obstacle for reaching agreement. The European Union is fortunate because none of its member states are involved in conflicts, let alone civil war, as is the case in other regions of the world. The economic conditions of the main buffer countries of the European Union, such as Germany and France, are quite capable of contributing to the realization of funding commitments and joint efforts.
Covid 19, in a number of European Union countries, is believed to have begun subsiding. However, anticipating the impact in the future, especially in the economic field must indeed be considered as the EU leaders did.