European leaders met over a video conference on Thursday in an attempt to bridge deep divisions over the bloc's financial response to the COVID-19 pandemic and its dire consequences on Europe's economy.
Divisions have remained as Austria, the Netherlands, Denmark and Sweden were once again staunchly opposing Italy and some other hard-hit states' request to agree to issue jointly guaranteed debt, which would allow Rome to borrow at lower rates.
However, at the end of Thursday's EU council, Italian Prime Minister Giuseppe Conte expressed satisfaction at his European counterparts signaling openness towards a substantial recovery fund.
Italy's economy is expected to shrink by 15 percent in the first half of the year due to the COVID-19 crisis, a contraction never before recorded in the history of the Italian republic. Italy is the country in Europe hardest and longest hit by the pandemic, with the number of recorded deaths that has surpassed 25,000.
Prime Minister Conte has repeatedly warned that the EU is at a make-or-break moment. If substantial financial measures are not taken, if solidarity is not upheld it will be impossible for states to counter public disillusionment with the European union due to years of economic stagnation and a sense of abandonment by Brussels.
EU leaders have tasked the European Commission to formulate a recovery fund proposal by May 6.