July 10, 2020 / 9:33 AM / a month ago

EU's Michel lays out recovery plan for summit negotiation

European Council President Charles Michel speaks during a debate on EU financing and economic recovery with EU lawmakers at the European Parliament in Brussels, Belgium July 8, 2020. REUTERS/Francois Lenoir

BRUSSELS (Reuters) - European Council President Charles Michel on Friday laid out plans for a long-term EU budget of 1.074 trillion euros and a recovery fund of 750 billion euros for pandemic-hammered economies, the starting point for negotiations at a summit next week.

In a bid to make the bloc’s mass economic stimulus more palatable to thrifty northern member states, Michel proposed maintaining the so-called rebate that these countries receive from their contributions to the budget.

... by John Chalmers

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