Economy

European parliament says yes to EU budget and recovery fund

The European Parliament announced this on Tuesday.

The negotiations on the European long-term budget were put on the back burner by the corona virus, but after months an agreement has now been reached on the so-called Multi-annual Financial Framework (MFF).

An important obstacle has since been removed: the link between EU subsidies and the enforcement of the rule of law. EU countries that do not respect the rule of law risk suspension of subsidies. New agreements were made about this.

Leaders already agreed in July

In July, EU leaders reached an agreement on the multi-year budget of EUR 1074 billion and a corona recovery fund of EUR 750 billion. But the EU parliament found the link between the subsidies and the rule of law too vague.

Many MPs also felt that there was not enough money for the future. More money had to go to health, science, climate and youth. A majority therefore said no to the budget this summer.

Agreements have now also been made for additional budgets for programs in the areas of climate, healthcare, defense and migration. The exact amounts for this will be announced.

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