Day One of Extraordinary In-Person EU Summit Over COVID-19 Issue and Bloc's Budget - Video

Earlier this month, the European Commission predicted that the bloc may plunge into a massive recession this year due to the coronavirus outbreak, with Germany, the EU’s largest economy, expected to see a 6.3 percent fall in GDP.

Live from Brussels as EU leaders gather for an in-person summit to discuss the recovery plan for the COVID-19 crisis and a new long-term EU budget.

The special gathering of the European Council on 17-18 July will mark the first face to face meeting between the 27 leaders of the European Union since February due to the coronavirus outbreak.

Earlier, German's Chancellor Merkel urged all EU member states to support the German-French initiative to create a recovery fund of at least $565 billion to help the countries that have been the worst hit by the coronavirus pandemic.

However, the proposal has divided the bloc. The southern states, like Italy and Spain, believe that the aid should be given as grants, while Austria, Denmark, Sweden, and the Netherlands contend that it should be provided as loans.

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