Big questions surround European Union's COVID-19 rescue plans

EU leaders endorse a 540-billion-euro rescue package in response to the economic slump brought about by the coronavirus crisis. However, deep divisions remain surrounding an additional fund worth one trillion euro that will be worked on during the next fortnight.

Normally, when EU leaders meet at the European Council headquarters in Brussels there is a security lockdown, but due to a different kind of lockdown, a virtual summit, involving the bloc's 27 heads of government, was coordinated from here on Thursday.

Due to the scale of the crisis, the first of June is not quick enough according to statements issued following the summit by workers unions. The leaders have agreed to give the European Commission two weeks to present proposals for a one-trillion-euro aid package from the EU budget.

Incredibly complex details need to be worked out because many nations, particularly Italy and Spain, do not want to be further burdened with enormous debts arising from the financial supports. Economists sympathize with that.

Clearly many EU lawmakers are thinking the same way. Some of the political groupings inside the European Parliament say there should be much more talk about grants rather than loans, arguing citizens simply cannot endure more endless austerity measures to clear government and banking debt.

There is a general consensus that the one-trillion-euro recovery package must be agreed and implemented as swiftly as possible.

EU leaders have agreed to hold their next video conference on the 6th of May. That is the deadline for the European Commission to draft a one- trillion-euro recovery plan that all member states deem palatable.