EU leaders reached an agreement on an economic recovery fund of € 750 billion, after four days of talks, Euronews reported.

European Council President Charles Michel called it a "good deal", stating that "Europe is solid".

European Commission President Ursula von der Leyen, in turn, highlighted important concessions made in the search for a compromise, saying she regretted the cuts to "modern policies" in research and innovation.

EU leaders began talks on July 17 to discuss the proposed fund and the next EU budget.

In terms of other measures, the EU has already approved a € 540 billion short-term financial stimulus package to deal with the ongoing economic shock.

In addition, the European Central Bank buys government bonds as part of its emergency procurement program of EUR 1.35 trillion.