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On Tuesday afternoon, the President of the Budget Committee of the European Parliament, Johan Van Overtveldt, announced that the Council of the European Union and the European Parliament have reached a preliminary agreement on the multiannual budget, which is the plan that defines how much will be invested in the policies that strengthen the future of the Union between 2021 and 2027. Among the items that Parliament has managed to raise with respect to the initial proposal of the Council, traditionally more conservative, are spending on health and research. A binding agreement has also been reached, if finally approved, to provide the European Union with direct revenue by 2027.
#MFF: PE negotiators and @ EU2020DE with @EU_Commission have reached a preliminary political agreement on future EU funding 2021-2027 #Own resources #EUbudget
– BUDG Committee Press (@EP_Budgets) November 10, 2020
The approval of the budget also means that the so-called Recovery Fund, or the EU’s main tool to balance the economic crisis caused by the coronavirus pandemic, must start without delay. The Recovery Fund is the expression by which it is informally called the Recovery and Resilience Device (Ease of recovery and resilience), that is, the main reserve of resources included in the broader strategy of the European Union to balance the consequences of the pandemic, called NextGenerationEU.
Among other things, on 5 November the European Parliament and the Presidency of the European Council had reached an interim agreement for the application of a new mechanism that links access to European funds to respect for the rule of law, which may not guarantee funds to semi-authoritarian European countries like Hungary and Poland.
Both countries can still veto the full package, given that today’s agreement will have to be approved unanimously by the plenary of the European Parliament (this will mainly be a formality) but also by the Council of the EU, where according to European treaties will require the consent of the 27 member states.
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