7/10/2020, 11:32 AM (Source: TeleTrader)
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Michel to propose €750B recovery aid, €1.1T budget

European Council President Charles Michel (pictured) announced on Friday that he plans to propose a fund worth €750 billion for the European Union's economic recovery from the coronavirus pandemic and a new long-term budget worth €1.074 trillion for the period from 2021 to 2027.

He added his proposals will be outlined by the negotiations he has had with leaders of the bloc and its member states.

The European Commission previously proposed drafts for a €1.1 trillion budget for the same period and a €750 million recovery fund, which are to be reviewed and approved by the Council of the EU and the European Parliament.

Breaking the News / JR