Deal!— Charles Michel (@eucopresident) July 21, 2020
EU President Charles Michel at a press conference Tuesday said the council made a strong deal which, for now, was right for Europe. The European leaders showed strength and unity to rebuild their economy.
The recovery package will be released into two forms, the first €390 billion will be distributed in the form of grants to member states and the remaining €360 billion will be released as loans. The said amount will be paid by 2058 and it will focus on three recovery strategies: repairing the damage caused by COVID-19, reforming economies, and remodeling society.
The council agreed the seven-year, Multiannual Financial Framework (MFF), long-term budget worth €1074 billion for 2021-2027 which will cover the following spending areas:
- the single market, innovation and digital
- cohesion, resilience, and values
- natural resources and the environment
- migration and border management
- security and defense
- neighborhood and the world
EU leaders showed solidarity and responsibility despite their respective differences and individual demands their country is facing to save the economy that is drowning because of the pandemic.
Today we’ve taken a historic step, we all can be proud of.— Ursula von der Leyen (@vonderleyen) July 21, 2020
But other important steps remain. First and most important: to gain the support of the European Parliament.
Nobody should take our European Union for granted.
It is our common responsibility to deliver. pic.twitter.com/b5xX18tugn