Council of Europe Signs Recovery and Multi-Year Financial Plans

European Union leaders reached an agreement on a European economic recovery fund and a multi-year financial plan, President of the Council of Europe Charles Michel wrote on Twitter.

« Agreement reached! » – said the President of the European Council.

« We have an agreement – and a good agreement! With a budget of €1.074 trillion and a recovery plan of €750 billion. The EU has never dared to invest so ambitiously in the future, » Belgian Prime Minister Sophie Wilmes tweeted

The EU summit, which dragged on for four days instead of two, ended early Tuesday morning. For four days, European leaders have been holding complex negotiations on the filling, distribution and management of the package to support the European economy after COVID-19, which includes a recovery fund and a multi-year EU budget plan.

Before the start of the plenary session, Head of the European Council announced that he had prepared a new proposal for the European leaders, which was the result of a joint three-day work and negotiations.

The principles of the rule of law, as well as common European values and climate objectives were first linked to EU funding during the recently concluded EU summit, European Council President Charles Michel said at a press conference.

source: ec.europa.eu, reuters.com

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