Saturday, March 2, 2024

EU clinches historic deal on €750 billion recovery fund


European leaders have finally reached an agreement on the bloc’s next long-term budget and a Covid-19 recovery fund.

Northern and southern countries found a compromise on the proportion of grants to be included in the stimulus package by offering increased budget rebates to the “frugal” countries.

The frugals also managed to get an emergency brake instrument into the deal – it means that if other member states think one country isn’t spending its aid money wisely, they can hit pause on payments while they review how the money is being used

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