EU leaders agreed on next long-term budget and recovery package

Budapest and Warsaw dropped the veto as the compromise struck with German Presidency remained unchanged

On Thursday evening, EU leaders reached an unexpectedly fast agreement on the next long-term budget for 2021-2027 and the pandemic recovery fund, altogether €1.8tn package, and the rule of law conditionality mechanism.

At 7pm, EUCO President Charles Michel tweeted: “Deal on the MFF and Recovery Package. Now we can start with the implementation and build back our economies. Our landmark recovery package will drive forward our green and digital transitions.”

According to some sources the discussion on this very important item on the agenda has lasted roughly 20 minutes. Despite some rumors that the ‘Frugal’ group would not backdown from its position on the strict bond between EU cash and the rule of law conditionality, the preliminary compromise reached on Wednesday between Hungary, Poland and Germany has not been changed and Budapest and Warsaw dropped the veto.

As an EU official said, following the agreement on the MFF and recovery fund, leaders started discussion on Turkey. President Michel proposed after external relation topics, to come back to climate issues.

Later in the evening, after the first day of the summit, Michel and EC President Ursula von der Leyen will give a news conference.

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