EU Chief Makes Bid To Break Recovery Fund Deadlock
Umer Jamshaid Published July 10, 2020 | 08:40 PM
EU chief Charles Michel unveiled Friday his latest proposal for a 750 billion euro pandemic recovery fund in hopes of winning over more frugal member states
Brussels, (APP - UrduPoint / Pakistan Point News - 10th Jul, 2020 ) :EU chief Charles Michel unveiled Friday his latest proposal for a 750 billion euro pandemic recovery fund in hopes of winning over more frugal member states.
Europe has been thrust into its biggest recession in history and Michel, who coordinates among EU government leaders, is hoping to win a green light for the package at a summit next week.
This will be the first in-person summit since the pandemic engulfed Europe in March and leaders will also seek approval of the bloc's long-term budget.
As a sweetener for the so-called "Frugal Four" -- the Netherlands, Sweden, Denmark and Austria -- Michel proposed to revise the EU's seven-year budget down to 1.074 trillion Euros ($1.2 trillion), 13 billion euros less than an earlier proposal.
Michel also said countries with long held rebates on their European contributions would continue to get them, despite a big push to do away with these discounts.
Rebates are an EU custom made famous by former UK prime minister Marget Thatcher who four decades ago called for Britain to get "our money back".
Michel also gave more power to EU member states on how the recovery fund would be distributed, giving EU capitals more power over the spending plans of their neighbours.
This will be sure to revive tortured memories of the debt crisis bailouts, where Greece, Portugal and Ireland were subjected to the oversight of the EU and IMF.
Michel did not give ground on the main point of contention: whether aid should be handed out in the form of grants or -- as the "frugals" demand -- loans.
Austria and the Netherlands on Thursday showed signs they may be softening their stance.
Dutch Prime Minister Mark Rutte said Thursday he considered the proposed fund "very important", so long as the cash came with conditions attached.
Sebastian Kurz, his Austrian counterpart, suggested he could back the package if aid was tied to certain conditions, such as climate protection, willingness to reform and rule of law.
The recovery plan, as well as the EU budget, require unanimous approval among member states at the July 17-18 summit.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
Today Gold Rate in Pakistan 28 April 2024
Fresh wave of rainfall in AJK continues for the second consecutive day
Babar, bowlers help Pakistan level series 2-2 against New Zealand
Attack in restive Chilean province leaves three police officers dead
PM, Saudi Royal court advisor discuss ways to boost economic ties
England clinch third successive Women's Six Nations Grand Slam
DC Bahawalnagar leads fight for fair bread prices
Sheffield Utd relegated from Premier League
02 proclaimed offenders arrested by Wah Police
Pakistan level T20I series with nine-run victory over New Zealand
Minister meets Chinese Consul General, discusses bilateral cooperation, Chinese ..
More Stories From World
-
Brunson sets Knicks record with 47 to lead New York over 76ers
24 minutes ago -
Football: French Ligue 1 table
6 hours ago -
Inter continue Serie A title party as Bologna slip in Champions League bid
6 hours ago -
Paris Saint-Germain win Ligue 1 title after Monaco defeat
7 hours ago -
Man City see off Forest to close on Premier League leaders Arsenal
7 hours ago -
Italian PM Meloni says will stand in EU elections
8 hours ago
-
Masood Khan hails Pakistani-American physicians role in upgrading Pakistan's healthcare system; also ..
8 hours ago -
Celtic down Dundee to stay on course for Scottish Premiership crown
8 hours ago -
Ireland will act to send asylum seekers back to UK: PM
8 hours ago -
Kainz keeps Cologne's hope alive with late equaliser at Mainz
8 hours ago -
Tennis: ATP/WTA Madrid Open results - 1st update
8 hours ago -
Inter continue Serie A title party as Bologna slip in Champions League bid
9 hours ago