EU agrees to revamp budget, set up recovery fund to help rebuild coronavirus-hit economies

European Leaders agreed on Thursday to revamp its long-term budget and launch a massive recovery fund to help rebuild the 27-nation bloc’s economies ravaged by the coronavirus pandemic.

“There is only one instrument that can deliver this magnitude of task behind the recovery and that is the European budget clearly linked to the recovery fund,” European Commission’s President Ursula von der Leyen stated.