At the end of July 2020, 27 EU nations with hundreds of individual participants negotiated for more than 90 hours, emerging with a 7-year budget, approval for billions in pandemic recovery funds financed by the first-ever collective debt, measures to enhance the rule of law, and steps to ensure economic reforms. Unprecedented; seemingly of another world.

At the end of July 2020, the 27 countries in the EU needed a new budget, a plan for issuing debt to fund economic recovery from COVID-19, and to manage on-going tensions over EU-compatible national governance. While the negotiations resembled those found in the US regarding issues and personalities, the EU achieved effective agreement.

In July 2020, representatives of the EU’s 27 nations negotiated a multi-year budget and COVID-19 recovery funds built on deficit spending. After 4 months of side conversations and an unsatisfying 4-hour video conference call, an in-person meeting over four unceasing days established a 7-year budget and € 750 (US$ 857) billion stimulus. How did they do it?

At the end of July 2020, teams from the 27 countries of the EU met to negotiate a budget, COVID-19 stimulus funds, and for the first time deficit spending. Four days later, they emerged with a 7-year annual budget of € 1.07 trillion and a stimulus of € 750 (US$ 857) billion. How did they do it?