EU Summit Agreement: What You Need to Know
On December 10-11, 2020, the European Union leaders gathered virtually to discuss several topics. However, the highlight of the EU summit was the approval of the €1.8tn budget and coronavirus recovery fund. This fund aims to help EU countries recover from the economic impact of COVID-19 and pave the way for the Union`s green and digital transition. Let us explore the EU summit agreement in detail.
The €1.8tn Budget
The EU leaders agreed on a €1.1tn budget for the next seven years. The budget covers several areas, including agriculture, infrastructure, and research. Additionally, it includes €750bn for the Next Generation EU recovery fund. The EU has dubbed this fund as a “historic” agreement, as it is the first joint European borrowing.
The Coronavirus Recovery Fund
The coronavirus recovery fund aims to support EU countries to rebuild their economies and overcome the economic challenges brought by the pandemic. The fund will provide grants and loans to member states. It aims to provide immediate support while also ensuring that the Union`s green and digital priorities are met in the long run. According to EU leaders, the fund will be accessible from mid-2021.
The Rule of Law Conditionality
The EU summit agreement also included a rule of law conditionality provision. This provision stipulates that EU countries that do not respect the rule of law or EU values could be denied access to EU funds. The provision aims to protect the EU`s interests and ensure that member states do not undermine democracy and the rule of law.
Conclusion
The EU summit agreement is a significant milestone for the Union. It marks the first time that EU leaders have agreed to a joint European borrowing of €750bn. This agreement will help EU countries recover from the pandemic while also prioritizing the Union`s green and digital transition. Furthermore, the rule of law conditionality provision is a vital step towards protecting the EU`s interests and ensuring that its values are upheld. The agreement reflects the EU`s commitment to working together towards a better future for all EU citizens.