EU's Michel Says Bloc Reaches Deal On $2.1 Trillion Budget, COVID-19 Recovery Fund

MOSCOW (UrduPoint News / Sputnik - 11th December, 2020) European Council President Charles Michel has said on Thursday that the leaders of the European Union's 27 member states have come to an agreement on the bloc's proposed 1.8 trillion euro ($2.1 trillion) seven-year budget and COVID-19 recovery fund following a dispute over a controversial rule of law mechanism.

On November 16, the Hungarian and Polish representatives at the EU's Permanent Representatives Committee (Coreper II) refused to give their approval to the budget, also known as the multiannual financial framework (MFF), and recovery fund. The decision was reportedly taken to oppose the bloc's attempts to make access to EU funds contingent on the observance of democratic values and respect for the rule of law.

The leaders of the bloc's member states ended the impasse on Thursday after giving their approval at a European Council summit in Brussels, Michel said.

"Deal on the #MFF and Recovery Package #NGEU. Now we can start with the implementation and build back our economies. Our landmark recovery package will drive forward our green & digital transitions," the European Council president wrote on Twitter.

Michel's spokesman, Barend Leyts, also confirmed that conclusions on the rule of law conditionality mechanism had also been approved during the summit meeting.