Agreement of the “27” on the Recovery Fund

Agreement of the “27” on the Recovery Fund

The 27 EU member states reached an agreement regarding the Recovery Fund, announced the President of the European Council, Charles Michel.

After marathon meetings, the “27” reached a compromise for the 750 billion euros of the Fund, of which 390 billion will be given as grants and 360 billion as loans.

This proposal seems to satisfy the “frugal” bloc, while it does not affect the initial planned subsidies, as proposed by the Commission.

Diplomatic sources in Brussels also said that EU leaders had reached a compromise on  how to link funding to address the impact of the coronavirus pandemic with the EU’s democratic values.

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