Many fights lie ahead for European Union countries before they can reach unanimous agreement on the proposed 1.85 trillion euros worth of spending through their next joint budget and a new coronavirus economic recovery scheme.
Members of the European Parliament are seen during a plenary session on a new proposal for the EU's joint 2021-27 budget and an accompanying Recovery Instrument to kickstart economic activity in the bloc ravaged by the coronavirus disease outbreak, in Brussels, Belgium, May 27, 2020. REUTERS/Johanna Geron
Here are the main fault lines that need to be resolved for there to be a deal, and potential trade-offs.The EU executive wants to set the bloc’s next budget at 1.1 trillion euros and top it up with 750 billion euros worth of new stimulus money, which the European Commission itself would borrow on the market against the budget and national guarantees.
But a club of frugal states - Austria, the Netherlands, Denmark and Finland - strongly prefers repayable loans, in order to help their peers but avoid bankrolling those they see as fiscally reckless.One idea to get the “Frugals” on board is to let them keep their current rebates in the next budget, a demand also put forward by Germany - the biggest contributor to the bloc’s joint coffers.
Governments in Poland and Hungary - accused by the EU and rights organisations of undercutting democracy at home - want to evade strict rule of law conditions on accessing EU funds. Their wealthier, western peers say those are indispensable to safeguard the bloc’s core values.The bloc needs to agree on how the money from the budget and the stimulus scheme is allocated between member states and key policy areas.
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