Brussels, December 10 Leaders of the 27 European Union held a summit in Brussels on the 10th to reach an agreement on the implementation of the previously formulated recovery package.
In July this year, the European Union launched an economic recovery plan totaling more than 1.8 trillion euros, including a long-term budget of 1.074 trillion euros for 2021-2027 and a recovery fund of 750 billion euros. This is the largest economic stimulus package in the EU to date.
European Council President Michelle said on social media Twitter that night that EU leaders reached an agreement on a multi-year fiscal framework and recovery fund at the summit that day, which enabled the recovery plan to start and the EU economy to recover.
European Commission President von der Leyen said that the recovery plan will provide impetus for the EU’s economic recovery and promote a more resilient, greener and more digital EU.
The EU recovery package must be approved by the European Parliament and all member states before it can enter into effect. Poland and Hungary previously rejected the budget because they opposed the linking of the allocation to the requirement of respect for the rule of law, which led to the plan to stall for a time.