The European Union will at some point in time set up a “recovery fund” to help the region’s economy out of the coronavirus slump, but its leaders are still unable to agree on how the fund will be financed and how much it will be able to spend. And they are still divided on whether the new facility should operate through grants to the countries most hit by the virus, or with loans — which would create financial risk for countries already saddled with heavy debt loads, such as Italy.

That was the result of a video-summit EU leaders held on 23 April, which contrary to longstanding tradition ended without even a joint communiqué summing up the substance of the talks, hailing whatever meagre compromise was reached, and putting a brave spin on the differences making an agreement impossible.