European Union (EU) leaders reached a deal for 1 trillion euro investment fund for the economy after a video conference held on Thursday. The body also confirmed that 540 billion euros will be injected into the economy through the existing mechanism.

Stabilizing the economy battered by the coronavirus pandemic has been a topic of discussion to European leaders for weeks now, and they had repeatedly failed to reach a consensus. But this time, there’s a change in the story.

“This fund shall be of a sufficient magnitude, targeted towards the sectors and geographical parts of Europe most affected, and be dedicated to dealing with this unprecedented crisis,” leaders of the 27 EU countries said in a statement after the video conference.

Part of the agreement is the plan to expand the EU’s budget from about 1.2% of GDP to 2% of GDP, using the additional fund as guarantee to borrow at low rates from financial markets.

The heads of EU governments also asked officials of the European Commission to urgently design a detailed proposal that will explain how the recovery fund will relate to the bloc’s budget for 2021-2027.

The 540 billion euros is an immediate stimulus package aimed at augmenting existing economic dynamics of the union members. 100 billion euros is to be used from the fund as wage subsidies as the leaders are working to prevent mass layoff of workers.

Kit Juckles, Societe Generale strategist said on Friday that there is a measure of confidence that the collective efforts of the European leaders will amount to something sizable.

“There are reasons for some optimism that, even if we don’t get as joined-up a response as we’d like overall, the European fiscal response to this crisis may yet end up being sizable,” he said.

As every country keeps strategizing its way out of the COVID_19 crisis, the European Union has a collective responsibility to its member nations to save itself from the economic downturn that is plunging further as days go by.

The International Monetary Fund has warned that the EU GDP will shrink by 7% this year, and according to available data, there has been a 20% to 30% crash in economic activities between March and April.

The greatest threat to the chances of the EU to overcome the economic challenges has been the disunity among the leaders. French President Emmanuel Macron said last week that the crisis may escalate to give populists a win if there is no financial solidarity between member states.

“If we can’t do this today, I tell you the populists will win… today, tomorrow, the day after, in Italy, in Spain, perhaps in France and elsewhere,” he said.

After the video conference, Macron said there has been consensus between EU leaders on the need for a “strong, coordinated response worth around 5 to 10 [percentage] points of GDP.” But there have been differences among the leaders on how the money will be disbursed.

The contemplation rests on whether the money should be given as grants or loans to hard hit countries like Spain and Italy. The challenge of adopting the grant option lies on the cooperation of other member countries. Giving the fund as grant or direct money transfer means other members will share to some extent, in repayment of the loan, a situation the Netherlands, Germany and Austria had long resisted.

However, Macron said it is important to protect the interest of every member country as there is equalizing in production and purchase, which makes every region of Europe important.

“The common market today benefits certain states or regions that are the most productive in Europe because they produce goods that they can sell in other regions. If we abandon these regions, if we abandon part of Europe, all of Europe will fall,” he said.

Italy is hoping that other members will show solidarity as it is desperate for economic recovery. But Prime Minister Giuseppe Conte, expressed satisfaction with the virtual meeting held on Thursday.

“It’s important because this is a necessary and urgent tool. It is absolutely necessary Italy is the first in line to ask for this,” he said.

The 540 billion euros will be released on 1st June while the details of how the longer term recovery plan will be funded will be discussed in another video conference scheduled for May 6. While the European Commission work to create a workable strategy acceptable to all, German Chancellor Angela Merkel said Europe should brace up for a long fight with the virus. She added that Germany will have to make higher contributions to the EU budget.

EU leaders agreed to follow the advice of the European Commission that urged EU countries to ease movement and lift lockdowns as the pandemic reduces.

It has become a debate before the American people – to open or not to open? The lockdown has crippled the economy, businesses are dying, workers are losing their jobs and the government is running out of intervention funds. On the other hand, people are dying, more people are getting infected by coronavirus and hospitals are getting overwhelmed.

The debate hangs on these two situations. Those on each side of it have reasons to believe that it’s time to open the economy or extend the lockdown.

Over 24 million Americans have filed for unemployment benefits since March, as more companies apply for a government bailout, meaning more workers are going to be laid off in coming weeks. They will struggle to pay their bills and live up to some other financial responsibilities – a nightmare many don’t want to have on a broad day.

On the other hand, over 800,000 Americans have tested positive for COVID-19, pushing toward the 1 million mark. Over 50,000 people have died, and the way it is going, many more are going to die in the coming weeks as the world searches for cure.

So to the American people, the choices before them are more like choosing between the Devil and the deep blue sea. And their choice depends on the side of the situation they find themselves in.

Last week, conservative backed protests erupted in some states against the lockdown. They were calling on the governments to lift the locks and allow people to go back to work. The US president Donald Trump who has been itching to open the economy amidst the escalating health crisis threw his weight behind the protesters. The economy needs to be open – but at what cost?

Doctors, nurses and medical staff took to the streets in a counter-protest that calls on the people to stay at home. It is a divided country fighting a mutual enemy, and each side of the divide is making huge sacrifices, though some are paying a higher price for the battle.

Everyone’s reason is genuine – if you don’t work how would you earn a living? But if you are not living, how would work?

Divided mostly through party lines, Republican led states like Georgia and Tennessee are calling for opening, stating that the lockdown is doing more harm than good. While Democratic led states like Virginia, Michigan and New York are more restrictive. In this tumultuous time of health crisis in the American history, everyone has got something to sacrifice; it’s just a question of – on what altar?

While the push to open the country garners momentum across Republican led states, health officials are concerned that the defiance will blow the pandemic into larger proportions and undermine the progress that has been made so far – and they are equally right.

The argument causing the divide.

The New York Times asked for opinions on the “to open or not” debate, and they pour in with different reasons that can’t be excused in entirety.

“I work at a hospital in the Fairfield County. People I see ignoring the guidelines on the news or in my travels have no idea of how bad the coronavirus is. Sometimes there is very little we can do to save these patients. Even the ones we send home from the E.R. are really sick and can take 2-3 weeks to recover. While the surge is diminishing there are still patients who are really slow to recover. I know everything seems fine wherever you look, but watch some hospital footage and listen to some registered nurse interviews, then decide if you want to skip the mask or congregate together,” said Sean Vigneau, from Fairfield, Connecticut.

One of the major concerns of lifting the lockdown is people forgetting that the world is in the middle of a pandemic and living life like it is 2019.

“Our much-less than enlightened mayor, who clearly drinks the Trump Kool-Aid daily, opened our beaches last Friday and earned national coverage. That has unwittingly given permission to folks to do horribly stupid things. The most egregious? I actually saw parents removing the yellow tape that the police had wrapped around the public park playground equipment – a playground that had signs on it saying that the equipment was not sanitized – and allowed their young children to play on it. I am so deeply angry that these shortsighted, selfish men are making decisions that put my health in danger, and that I have no control over it at all,” Lizanne Bomhard said from Jacksonville Beach, Florida.

People appear to be running out of patience, the government’s social programs seem not enough for them at home for a prolonged period of time – and some of them don’t like house arrest.

“I am a divorced single mother trying to live on disability insurance, child support and the under-the-table hustles I do while my daughter is at school. Well, they closed the schools so I can’t work! Now they will be closed all the rest of the year too? That is wrong! This is a form of house arrest and I did not do anything! I have been a “yellow dog Democrat” my whole life and I have voted in every election since I turned 18, but this time, on this issue, I have to say that I agree with the conservatives! I have the right to work and the government is taking it away! I can’t pay bills and already had to borrow from a friend for my car payment this month. We are hitting the food pantries and the pet food bank. If this doesn’t stop soon, my daughter and I will be homeless. It is just a fact of math. And right now, the math looks really bad,” Joyce Chandler, from Columbus, Ohio said.

From the young and old perspective, everyone has got a view that represents and at the same time contradicts a common view. The aged are worried about their freedom to play golf and enjoy the rest of what life has left for them. While the young are worried that their life could be cut short by this thing – and they will never live to grow old.

A crowd is gathering on the corridor of freedom, job security and the economy, and another crowd is gathering on the platform of health and life. In the fight for survival, these two factors are key. But the present predicament has made it a dilemma. As the push comes to shove, reality beckons with different strokes for different folks’ kind of situation, but in the end, there is a huge price to pay for the choices.