(Bloomberg) -- European leaders on Friday began negotiations on a 750 billion-euro ($840 billion) plan to help their economies rebound from the Covid-19 lockdown, with Germany and France pushing for a deal to be wrapped up next month.

The European Commission, the bloc’s executive arm, has proposed issuing joint debt to finance the program, a radical move that would signal an unprecedented move toward integration among the 27 member nations.

Stumbling blocs to a deal include the total amount that the EU could end up borrowing, the timing of repayments, where the money will come from and how resources will be allocated.

Key Developments:

  • EU’s recovery proposal comes under scrutiny in Brussels
  • Germany and France call for an agreement before the summer break
  • Countries eye budget perks as way to break the deadlock on the EU plan

Von der Leyen Calls for Quick Action From Leaders (10:15 a.m. Brussels)

European Commission President Ursula von der Leyen touted the proposal put before the leaders as an “ambitious and balanced” plan that will help both the nations hurt by the pandemic and those less affected.

But she warned that there’s no time to waste.

“Europe must now invest and reform to get out of the crisis,” von der Leyen said in opening remarks before the summit began. “We must all pull together, we cannot afford any delay.”

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