Macron: "EU Summit conclusions will be historic"

French President Emmanuel Macron on Tuesday hailed the coronavirus recovery fund negotiated by European Union leaders after four days and nights of fighting and wrangling as "truly historic."

"We have put in place a capacity to borrow collectively, to put in place a collective recovery plan for the first time," he said at a news conference with German Chancellor Angela Merkel.

To confront the biggest recession in its history, the EU will establish a 750 billion-euro coronavirus fund, partly based on common borrowing, to be sent as loans and grants to the countries hit hardest.

That comes on top of the seven-year, 1 trillion-euro EU budget that leaders had been haggling over for months even before the pandemic.

With masks and hygienic gels everywhere at the five-day summit, the 27 leaders were constantly reminded of the potent medical and economic threat the virus poses to their continent, and grudgingly committed to a massive aid package for those hit hardest by the pandemic.

Macron and Merkel negotiated as the closest of partners, struggling for days to get the quarreling nations in line.

At first, the grants were to total 500 billion euros, but the five so-called "frugal" nations led by the Netherlands — which wanted a cut in such spending and strict economic reform conditions imposed — the figure was brought down to 390 billion euros.

"I am convinced that this plan, this budget, by nature will respond to the health, economic and social challenges we are all facing in our countries," said Macron.