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During the meeting of the Council of the European Union in Brussels, the Heads of State and Government of the Union reached an agreement on the approval of the multiannual budget for 2021-2027 and the Recovery Fund of 750 billion euros for recovery then the crisis caused by the pandemic. This was announced by the President of the Council of the EU, Charles Michel.
Treat the #MFF and recovery package #NGEU
Now we can start implementation and rebuild our economies.
Our historic recovery package will drive our green and digital transitions. #EUCO
– Charles Michel (@eucopresident) December 10, 2020
In mid-November, Poland and Hungary, two countries led by semi-authoritarians, vetoed the budget because they were against the new mechanism that limited the disbursement of EU funds to respect for the rule of law and that put the two countries at risk of sanctions. .
After a long and complicated negotiation, both countries have accepted a commitment that contemplates the maintenance of the mechanism, but with some limitations. It will take effect only as of January 1 and only in relation to the newly approved budget: all disbursements of funds already in progress will not be affected. In addition, the agreement establishes that in the event that a member country decides to appeal against the mechanism (which is practically certain), it must wait for the ruling of the Court of Justice of the European Union before activating it. This tends to mean that the activation of the rule of law mechanism could take months and possibly longer.
The President of the European Commission, Ursula von der Leyen, welcomed the news congratulating the rotating presidency of the Council, held by Germany. Italian Prime Minister Giuseppe Conte wrote on Twitter that the agreement allows the release of 209 billion euros for Italy.
Final agreement on #NextGenerationEU. This means being able to unlock the enormous resources destined for Italy: 209 billion. The multi-year report was also approved. Now full time with the implementation phase – we just have to run! #EuCo
– Giuseppe Conte (@GiuseppeConteIT) December 10, 2020
– Read also: Why we talk about the Recovery Fund
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