European Union leaders agreed on a landmark stimulus package that will see the bloc issue EUR 750 billion of joint debt to help member states mitigate the economic downturn.

The agreement, in the early hours of Tuesday after more than four days of acrimonious negotiations in Brussels, required the unanimous approval of all 27 member states and represents a victory for German Chancellor Angela Merkel and French President Emmanuel Macron, who drafted an early outline for the proposal in May. The emergency fund will give out EUR 390 billion of grants and EUR 360 billion of low-interest loans.