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EU agrees on post-coronavirus recovery budget

After several hours of discussions, the 27 EU member states agreed on a budget of 1 trillion euros for economic recovery, or around 1% of the EU’s GDP, which is expected to contract by 5.4% in 2020. 

The heads of state and government of the European Union agreed on Thursday to set up an emergency fund in the order of 1,000 billion euros to deal with the economic consequences of the coronavirus crisis, while postponing decisions on the points of disagreement until the summer.

After four hours of discussions, the “27”, who were meeting by videoconference for the fourth time since the start of the health crisis, agreed to integrate the recovery plan into the common budget for 2021-2027.



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