Proposals On Recovery Fund, 2021-2027 Budget To Be Addressed At EU Summit In June - Michel

Charles Michel, the president of the European Council, praised the European Commission's proposals regarding the EU budget and creation of EU an recovery fund as an "important step in the decision making process," noting that they will be addressed during the next EU summit in June

BRUSSELS (UrduPoint News / Sputnik - 27th May, 2020) Charles Michel, the president of the European Council, praised the European Commission's proposals regarding the EU budget and creation of EU an recovery fund as an "important step in the decision making process," noting that they will be addressed during the next EU summit in June.

Earlier in the day, European Commission President Ursula von der Leyen said that the commission was proposing to create a new European Union recovery instrument, dubbed Next Generation EU, worth 750 billion Euros ($826 billion) to support the bloc's economy amid the COVID-19 pandemic.

It came along with the proposal that the European Union's budget for 2021-2027 amounts to 1.1 trillion euros.

"We will then raise the matter at the regular European Council on 19 June 2020. Everything should be done to reach an agreement before the summer break. Our citizens and businesses have been heavily impacted by the pandemic. They need targeted relief without delay," Michel said, as quoted by the European Council's press release.

According to Michel, the creating of Next Generation EU "will help target support" for the regions and sectors in Europe most affected by the COVID-19 pandemic.