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Germany sees agreement on recovery fund cash distribution in October

FILE PHOTO: European Union flags flutter outside the European Commission headquarters ahead of an EU leaders summit at the European Council headquarters, in Brussels, Belgium July 16, 2020. REUTERS/Yves Herman

BERLIN (Reuters) - Germany, current president of the European Union, expects to resolve controversial details of the distribution of money from the 750 billion euro ($879.30 billion) recovery fund with its EU partners this month, government sources said on Friday.

The European Union’s 1.1 trillion euro budget for 2021-2027 and the 750 billion recovery package, agreed by EU governments after a tortuous four-day summit in July, have to be agreed unanimously.

“We are very far advanced and not far from an agreement,” the sources said ahead of a meeting of EU finance ministers to discuss the package on Monday and Tuesday.

A compromise could be possible in the short term, they said. The goal was for money to start flowing from January.

Germany has proposed a scheme that links access to EU money, including the recovery fund, to respecting the rule of law, a document seen by Reuters showed on Monday.

($1 = 0.8530 euros)

Reporting by Christian Kraemer; Writing by Kirsti Knolle; Editing by Maria Sheahan

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