EU summit reached agreement on implementation of recovery plan

The leaders of the 27 EU countries held a summit in Brussels on the 10th to reach an agreement on the implementation of the previously formulated recovery package.

The European Union launched an economic recovery plan with a total scale of more than 1.8 trillion euros in July this year, including a long-term budget of 1.074 trillion euros from 2021 to 2027 and a recovery fund of 750 billion euros. This is the EU’s largest economic stimulus package so far.

European Council President Michele said via social media Twitter that the EU leaders reached an agreement on the multi-year fiscal framework and recovery fund at the summit that day, so that the recovery plan can be implemented and the EU economy is expected to revive.

European Commission President von der Lein said that the recovery plan will provide impetus to the EU’s economic recovery and promote the establishment of a more resilient, greener and more digital EU.

The EU’s recovery package must be approved by the European Parliament and all member states before it can take effect. Poland and Hungary previously rejected the budget because they opposed linking the appropriation to the requirement of respect for the rule of law, causing the plan to be shelved.