European leaders will reconvene at 4pm Brussels time for a fourth consecutive day of talks on a recovery fund to deal with the coronavirus crisis.
European capitals have not agreed on how to divide the funds between grants and loans, how to link them to the EU's democratic values, and how to oversee how the money is invested.
"Things can still fall apart," the Dutch Prime Minister, Mark Rutte, said Monday morning, referring to the tentative progress seen in the talks so far. His Austrian counterpart said on Twitter that he was "happy" with the result of Sunday's all-nighter meeting, however. "400 is now the red line for a lot of countries, primarily because otherwise it would weaken the Germany-France axis," one official, representing a southern European nation and who did not want to be named due to the sensitivity of the talks, told CNBC Sunday.
The same official added that President Macron told the "frugal" nations that they were putting the European project at risk. A divided European response to the coronavirus crisis could spark negative market reactions.In order to repay for some of their additional debt, European countries have been asked to consider new taxes on digital companies, and on plastic waste and carbon too.
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