European Council Meeting For Two Days to Discuss The Economy Rescue Package

EU leaders are meeting Friday and Saturday in Brussels to discuss the recovery plan to respond to the COVID-19 crisis and a new long-term EU budget. This is the first physical meeting since the coronavirus pandemic started.

The meeting will be dedicated to discussing the multiannual budget of the EU for the period 2021-2027 and the European Economic Recovery Plan.

Last week, on 10 July, EC president Charles Michel presented his proposal for the MFF and the recovery package. “The goals of our recovery can be summarised in three words: first convergence, second resilience and third transformation. Concretely, this means: repairing the damage caused by COVID-19, reforming our economies and remodelling our societies,” Michel said.

Earlier this month, the European Commission said that it expects the EU economy to shrink 8.3% in 2020, significantly worse than the 7.4% slump predicted in May.