EU leaders at their summit on post COVID-19 recovery plan in Brussels, Belgium, July 18, 2020. (Photo: AFP / VNA)

European Council President Charles Michel made the final proposal on a 750 billion euro recovery plan amid concerns that the summit would collapse without an agreement. He proposed reducing the initial 500 billion euros to 400 billion euros and raising the loan from 250 billion euros to 350 billion euros.

The European Council President backed by German Chancellor Angela Merkel and French President Emmanuel Macron sought to persuade the countries to compromise, but progress was little.

The "Frugals" group, which includes the Netherlands, Sweden, Austria, Denmark and Finland, only accepts a maximum fund of 350 billion euros, even with conditions.