In the early hours of Tuesday, July 20, EU leaders finally agreed on a €1.82 trillion budget and €750 billion COVID recovery fund to help the economic bloc’s most beleaguered nations deal with the economic impact of the coronavirus pandemic. The agreement, set in motion by Chancellor Angela Merkel and Emmanuel Macron, will see some unprecedented actions taking place, among them is the selling of collective European bonds (rather than bonds issued by individual countries). Additionally, much of the money raised is to be handed out to EU nations that have been severely affected by the pandemic as grants, rather than as loans. To be precise, €390 billion has been set aside for grants and €360 billion for loans. Originally, the proposal was to have €500 billion earmarked for grants and only €250 billion for loans.