EU leaders agreed on Friday that urgent action was needed to haul their coronavirus-hit economies from the deepest recession since World War Two, but made no progress on a massive stimulus plan that has divided them bitterly for weeks.
Swedish Prime Minister Stefan Lofven said on Friday that differences remained over both a recovery fund and a long-term budget for the European Union and that significant changes to the proposals were needed for an agreement to be reached.
A key aim of the EU's multi-billion euro stimulus package is to prevent a widening of economic differences in bloc, which would weaken the EU's internal market, European Commission president Ursula von der Leyen said on Friday.
European Union leaders will continue their negotiations on establishing the post-coronavirus recovery fund in mid-July, German Chancellor Angela Merkel said on Friday after a videoconference with her counterparts from around the bloc.
EU leaders remain divided on how to structure a proposed COVID-19 recovery fund for European economies, the head of the European Commission said on Friday, with the balance of loans and grants still to be agreed.
EU leaders will meet for an in-person summit in mid-July after a first exchange of opinions about the bloc's planned multi-billion euro recovery package on Friday, European Council President Charles Michel said.
Britain and the European Union still need to bridge "wide divergences" to reach a post-Brexit trade agreement, the European Union's chief executive said on Friday, following a video summit of EU leaders.
French President Emmanuel Macron told European Union leaders it was necessary to find a quick agreement on a proposed 750 billion-euro recovery fund in July to maintain the current momentum, a French official said on Friday.
European Central Bank head Christine Lagarde urged European Union leaders on Friday to quickly agree on a recovery package that would pull the economy from a "dramatic fall" or risk a change in sentiment on markets, which were expecting a deal soon.
The European Parliament wants European Union governments to assign new sources of revenue to the bloc to repay European Commission borrowing for the recovery and finance the next long-term budget, the head of the European Parliament said.
European Union leaders will try to narrow their differences over a coronavirus economic recovery plan at a summit on Friday, worried that further bickering and delay will only dent public confidence in the bloc as a deep downturn takes hold.
The coronavirus pandemic has exposed the weakness of the European Union and Germany will use its presidency of the bloc to promote solidarity and economic prosperity among its 27 member states, Chancellor Angela Merkel said on Thursday.
Chancellor Angela Merkel, setting out her objectives for Germany's presidency of the European Union in the second half of this year, said on Thursday the bloc must take on a more global role and speak with one voice to China to represent its values.
Government wage subsidy schemes shielded eurozone households from the majority of income losses during the bloc's pandemic-induced recession, and wage losses are now rapidly diminishing, a European Central Bank study showed on Wednesday.
The European Union's economic recovery plan after the COVID-19 pandemic is likely to secure backing from member states in July, helping the 27-nation bloc emerge from the recession together, EU Budget Commissioner Johannes Hahn said on Wednesday.
The German government is urging other EU states to prepare for a no deal Brexit, according an internal document that casts doubt on Britain's optimism over chances of an early agreement on its future ties with the bloc.
Britain and the European Union have said they will intensify negotiations on reaching a comprehensive agreement on the terms of their future relationship.
Euro zone inflation slowed further year-on-year in May, as expected, pulled down by falling energy prices, data from the European Union's statistics office Eurostat showed on Wednesday.
Euro zone banks are heavily exposed to carbon-intensive industries and face significant climate-change related risks so they must start to build capacity now to manage these, European Central Bank supervisor Andrea Enria said on Wednesday.
The European Union must urgently decide on a package of fiscal measures to help the bloc through its pandemic-induced economic crisis, European Central Bank board member Fabio Panetta told French newspaper Le Monde.