legrain32_STEPHANIE LECOCQPOOLAFP via Getty Images_eu recovery fund Stephanie Lecocq/Pool/AFP via Getty Images

Europe Rescues Itself

Once again, the European Union has shown that it is capable of rising to the occasion and coming to the assistance of Europeans in a time of need. A groundbreaking agreement for a new EU-financed recovery fund may not satisfy all of Europe's needs; but it is precisely what the bloc needs now.

LONDON – After four days and nights of tough negotiations and many painful compromises, European leaders have reached a deal on a groundbreaking €750 billion ($868 billion) recovery fund. As a gesture of solidarity toward Italy, Spain, and other countries still reeling from the COVID-19 crisis, the agreement is a major step forward for the European Union. Even so, it does little to address the eurozone’s deepest problems.