European Council President Charles Michel (R), speaks with European Commission President Ursula von der Leyen prior to the start of a round table meeting in Brussels, July 17, 2020. (Photo: STEPHANIE LECOCQ/POOL/AP)

European Council President Charles Michel made a final proposal of 400 billion euros in aid and 350 billion euros in loans, amid worries that negotiations will end without an agreement. Mr. Michel, even with support from German Chancellor Angela Merkel and French President Emmanuel Macron, is having trouble persuading other countries to agree to the plan.

The "Frugals" - the Netherlands, Sweden, Austria, Denmark and Finland -  want to cut the package down to 350 billion euros, and impose strict rules on how it is used.