The real negotiations have begun.
European leaders are working the phones and crisscrossing the Continent ahead of a summit July
17-18 in an attempt to build a consensus on the bloc's budget and
recovery plans. Most leaders have expressed a commitment to attempting
to reach an agreement this summer.
The European Commission proposed
creating a seven-year EU budget of €1.1 trillion and borrowing money on
the financial markets for a €750 billion recovery fund that would issue
both grants and loans to countries, but those proposals contain a huge
number of details to agree.
Council lawyers threw another potential spanner in the works in a legal opinion presented to ambassadors in June,
which raised concerns about details of how the recovery money can
legally be spent. At the same time, some frugal states have begun
pushing for countries they say are violating rule of law standards to
get less funding.
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