After four months of intense negotiations, the European Parliament and member states agreed details of a €1 trillion ($1.3 trillion) 2021-2027 budget Tuesday. The deal came after wrangling over spending priorities agreed to at a marathon summit in July. EU Council presidency spokesman Sebastian Fischer called the agreement “a deal for Europe.” Approval of the budget signals a step toward initiating the EU’s €1.8 trillion green energy and digitalization investment, but more crucially right now, it frees up a coronavirus financial recovery package worth in the region of €750 billion. German Foreign Minister Heiko Maas tweeted: “Getting Europe’s economic recovery off the ground is at the heart of our European Council Presidency. Today we have come a huge step closer — a silver lining for all citizens and companies.” Raising revenue to pay for pandemic relief The budget establishes new revenue structures to repay €750 billion in debt the EU will take on to finance coronavirus assistance and recovery. “By 2026, we will have a basket of new revenues that should be sufficient to cover the cost of the Recovery Fund’s debt with the aim of not having cuts in funds and programs,” said parliamentary negotiator Jose Manuel Fernandes said. In all, the new… Read full this story
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