The 27 European governments are negotiating for the first time Friday a proposal for 750 billion euros ($841 billion) to tackle the Covid-19 crisis.
unclear when they will manage to bridge their differences"It is a necessary step," a Brussels-based European official, who didn't want to be named due to the sensitivity of the talks, told CNBC Thursday about the first negotiation among the leaders.
The region is grappling with one of the most severe economic crises in post-war time. The European Commission, the executive arm of the EU, estimated in May a contraction ofin gross domestic product in 2020. However, the forecasts are dependent on how the health crisis evolves and on whether European economies will manage to reopen fully in the coming months.
A second European official, who also didn't want to be named due to the sensitivity of the negotiations, told CNBC Thursday, that a face-to-face negotiation could be announced later on Friday.European leaders haven't met in person since February due to the coronavirus crisis and different technocrats have argued that video meetings are more difficult to negotiate figures and redraft documents.
In a joint article published in the Financial Times, the heads of state of the four nations, said this week: "There is no such thing as new or fresh money. Money spent will also have to be earned and paid back — by taxpayers."
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