22 July 2020 After nearly five days of acrimonious negotiations inside the 27-member European Union (EU), the EU Summit announced that a deal had been reached early Tuesday morning for a … The need to maintain physical distance meant there could be no public back-slapping, no shaking of hands, no friendly hugs as the leaders wrangled — and face masks were de rigueur at the largest gathering of heads of government and state since the start of the global pandemic. EU leaders agreed early Tuesday on a groundbreaking plan to jointly borrow €750 billion to respond to the coronavirus pandemic, which has killed 135,000 people around the bloc and sent economies across the Continent into a tailspin. For France, Italy, Spain, Portugal and Greece, the likely main recipients, the frugal four’s demands amount to an incursion into their own national sovereign rights. Other countries, and the commission, which traditionally polices national spending plans, maintain that would make it unworkable. German Chancellor Angela Merkel, left, and French President Emmanuel Macron arrive for a round table meeting at an EU summit in Brussels, Friday, July 17, 2020. European Union. The proposal would also introduce new ways for the EU to generate revenue, including a tax on non-recycled plastic waste that would be implemented by January 2021. July 21, 2020 5:42 am. “It is getting harder to believe the EU will ever live up to the motto of the Three Musketeers — all for one and one for all,” an Italian diplomat, and a member his country’s negotiating team at Brussels, told VOA. As European Union (EU) heads of state began meeting Friday in Brussels to discuss a bailout package, as part of a two-day summit, the … European Union website - EUROPA is the official EU website that provides access to information published by all EU institutions, agencies and bodies. This is so all member states share responsibility to pay back the money funded mainly by future EU taxes, in addition to the customs duties and a small share of national sales taxes Brussels already receives. Jul 30, 2020 (updated: Aug 28, 2020) The Common Agricultural Policy (CAP) heading for 2021-2027 will pile to €344 billion, after the EU summit deal on 21 July. The Summit proceedings are being video/audio Expenditure not-consistent with the Paris Agreement on climate change won’t be approved, thus making the potential deal the biggest green stimulus the world has ever seen. Deal! During the second-longest summit session in the European Council’s history, in the early morning hours of July 21, 2020, and after almost four days of tough negotiations, the twenty-seven heads of state and government finally agreed on a €1,074 billion long-term budget and a € 750 billion COVID-19 recovery fund. The process of Summits was instituted in 2000 and 12 Summits took place annually till 2012. European Union leaders during a round table meeting at an EU summit in Brussels, July 17, 2020. It is the biggest joint borrowing ever agreed by the EU. They note all three have bigger economies than they do. Carsten Brzeski. Finance ministers could also handle disputes, addressing concerns by several governments that escalating the issue to leaders would overly-politicize the process and lead to delays. Leaders from 27 European Union … Jun 23, 2020. At stake is not just the amount of funds that will be given to countries, but the ability of the EU as a whole to offer meaningful solidarity to its 27 members and push through unprecedented financial integration. Hungary and Poland and some other central European states also fear that they will be short-changed and that Italy, France and Spain, the three European countries hardest hit by the virus, will receive the lion’s share of the grant money. Poland and Hungary are in the doghouse in Brussels because of judicial reforms they are enacting that the EC and some other member states view as eroding the independence of judges. French President Emmanuel Macron, center, leaves the European Council building in the early morning during an EU summit in Brussels, Belgium, on July 20, 2020. Most leaders are seeking a decisive response from the bloc with more than 100,000 Europeans dead from Covid-19 and their economies battered by the lockdown. EU leaders to hold summit on 17-18 July on virus recovery package. His country is seeing a marked change in public attitudes toward the EU with many Italians expressing anger at the lack of support they received from their neighbors as the pandemic took its toll of Italians in the north of the country. European Union leaders were presented with a new compromise proposal for a radical 750 billion-euro ($860 billion) economic recovery fund as they entered a second day of talks in Brussels with deep divisions over key aspects of the plan. In view of the COVID19 pandemic, the EU-AU partnership is set to undergo certain adjustments in line with … So the new proposal represents an incremental concession to their point of view. Almost a third of this total amount will have to be committed to projects transforming the EU into a low-carbon economy. Richer states have been doling out huge amounts of state aid and subsidies to support their pandemic-struck businesses, giving them an even greater competitive edge over rivals in poorer countries, who can’t match the subsidies. July 15, 2020. On 21 July 2020, the European Council adopted conclusions on the recovery plan and multiannual financial framework for 2021-2027. India was represented by Prime Minister Shri Narendra Modi. The EU economy is projected to contract by 8.3 percent this year. A Dutch diplomat told Reuters: “The proposal on governance as put forward by Michel is a serious step in the right direction.” But he cautioned, “in the end, this is a package and there are many more issues to solve.” His boss, Dutch Prime Minister Mark Rutte  repeatedly has told reporters that he believes there is a less than 50 percent chance of reaching an agreement on the recovery fund by Sunday. The World Needs the Not-for-Profit AstraZeneca Vaccine, Minu... New Zealand Suspends Arrivals From India as Covid Cases Spik... Manchin Vows to Uphold Filibuster, Complicating Biden’s Agen... Jokowi Doubles Indonesia’s Wealth Fund Goal to $200 Billion. Economic inequality between member states also is likely to increase — whether the recovery package is agreed upon or not. Summit chairman Charles Michel said it was a "pivotal moment" for Europe. This is part of a series on the Novel Coronavirus (COVID-19) pandemic. The absence of the normal bonhomie at EU summits further underscored the cracks in a 27-member alliance that still has not managed to bridge deep rifts triggered by the 2008 financial crash, the subsequent migration crisis, and ongoing disputes over rule-of-law standards that have seen Brussels clash repeatedly over the judicial reforms being pursued by populist governments in Poland and Hungary. Tensions are running high, and a full day and night of discussions by the 27 leaders on Friday only added to the irritations over how the huge sums should be spent and what strings should be attached, Brussels Summit Struggles as EU Leaders Haggle Over Pandemic Recovery Plan, EU Leaders Resume 'Grumpy' Summit on Budget, Virus Fund, Morocco Imposes Ramadan Curfew, Despite Vaccine Success, CDC: So-Called British COVID-19 Variant Now Most Common in US, UNHCR Funds Health Care for Thousands More Afghan Refugees in Iran, WHO: Equitable Access to Health Care Needed in Post-COVID World, Ketchup Shortage Hitting Restaurants Across US. For weeks The Netherlands, Austria, Denmark and Sweden have argued that the fund is too large and the hard-hit countries should only receive repayable loans rather than grants. EU leaders are meeting in their first face-to-face summit since the coronavirus crisis, with low expectations of a deal on a €750bn (£670bn) post-Covid stimulus package. Ill-natured squabbling leading up to the summit has prompted warnings from Italian Prime Minister Giuseppe Conte that the EU project itself could be placed in jeopardy unless the richer northern states are generous in helping those in the south. Dutch Embrace the Bad-Guy Role the Brits Left Vacant in Europe, The 700 Billion-Euro Man Counting Each Cent to Keep Italy Afloat, Spain Gears Up to Convince EU It Can Spend Recovery Funds Wisely. The EU economy is projected to contract by 8.3 percent this year. July 21, 2020 / 2:29 AM / AP ... European Union leaders finally clinched a deal on an ... on July 21, 2020. Community Summit & extreme365 Europe . The EU would also put forward proposals in the next year on a carbon border adjustment mechanism and a digital tax, which would take effect by January 1, 2023, at the latest. ... — Charles Michel (@eucopresident) July 21, 2020. Under the latest compromise proposal, the overall package discussed by EU leaders is worth about 1.8 trillion euros, of which 1.07 trillion euros will be distributed in the form of grants from the bloc’s regular budget, and 750 billion euros under the emergency stimulus package. This article is more ... July 21, 2020. The 15th Summit between India and the European Union (EU) was held in virtual format on 15th July 2020. Before it's here, it's on the Bloomberg Terminal. Hungary, backed by its populist nationalist ally Poland, has been threatening to veto the whole recovery package because of a proposed condition that would see countries perceived as flouting democratic principles blocked from any bail-out cash. The 15th India EU Summit was held on 15 July 2020 in virtual mode. EU agrees on mammoth $858 billion virus aid package at contentious 4-day summit. These were, of course, difficult negotiations in very difficult times for all Europeans. Bert Colijn. Tue 21 Jul 2020 05.08 EDT Last modified on ... eventually agreeing on an emergency brake that will allow one government to make a warning at an EU summit if … By RAF … Earlier this week, German Chancellor Angela Merkel expressed her doubts about a deal being struck at the summit, predicting negotiations would have to continue for weeks after the summiteers had packed their bags and headed back to their capitals. India was represented by Prime Minister Shri Narendra Modi. According to the new proposed plan, a “super emergency brake” would allow a single member state to hold up a disbursement if it had questions about whether the funds would be used appropriately. ... European Union efforts … Under this plan, 450 billion euros would be given out as grants and 300 billion euros as loans in an effort to appease the concerns of fiscally hawkish states like the Netherlands. July 19, 2020, 7:34 AM EDT ... Angela Merkel, Ursula von der Leyen and Emmanuel Macron during the summit in Brussels. Leaders from 27 European Union … The latest compromise proposal presented to leaders ahead of their second day of talks seeks to balance the demands of the Dutch and their opponents. On Friday agreement remained elusive on a proposed €1 trillion ($1.1 million) seven-year budget for the EU and on an ambitious €750 billion ($826.5 billion) economic rescue plan for the hardest-hit countries. Additionally, an uneven economic recovery across the bloc risks fueling populist anger and anti-EU sentiment in the countries that lose out. The new proposal, seen by Bloomberg, would keep the size of the fund intact, but reduce the amount given out as grants by 50 billion euros. Yet sitting together in Brussels for the first time in five months, they spent much of the first day rehearsing their starting positions and bickering over a Dutch request for a mechanism that would allow member states to hold up the disbursal of funds . The new proposal says that rule-of-law “conditionality under the regime will be genuine,” and that when transgressions are identified, the European Commission will propose “appropriate and proportionate” measures that will be approved by qualified majority. The mood soured when Charles Michel, who leads the meetings, tried to win over Dutch Prime Minister Mark Rutte, who has insisted he won’t allow handouts to the southern members hardest hit by the virus without cast-iron guarantees the money will go, as intended, to projects that will upgrade their economies. 21 July 2020 Read in about 7 minutes EU summit: A historic deal reached . Have a confidential tip for our reporters? Brussels will convene an extraordinary EU summit on July 17-18, in a bid to resolve a stalemate among EU leaders on the bloc’s long-term budget and the Coronavirus recovery package. Commenting on the conclusions of the 17-21 July EU summit, EP negotiators welcome the recovery fund but warn that their agreement to the long-term EU budget cannot be taken for granted. German Chancellor Angela Merkel arrives for an EU summit at the European Council building in Brussels, Sunday, July 19, 2020. Bitter EU summit exposes trust deficit among leaders with no end in sight. Moon Suffers Big Election Losses in South Korea’s Top Two Ci... Jokowi Backs Central Bank Mandate to Aid Indonesia’s Growth, Leaders meet in Brussels for second day of talks on stimulus, New plan includes emergency mechanism to withold payments. European Council President Charles Michel, who is chairing the summit, circulated amended proposals overnight Friday trying to squeeze out a compromise, especially over the conditions the frugal four want attached to any financial assistance. Far from bringing Europe together in solidarity, the pandemic and its economic impact risk deepening fissures in a bloc already split over foreign, defense and migration policies and states’ rights. July 18, 2020, 5:07 AM EDT Updated on July 18, 2020, 6:20 AM EDT ... Mark Rutte, Stefan Lofven, Sebastian Kurz and Mette Frederiksen on the sideline of an EU summit on July 18. July 26, 2020 Events, News AfCFTA, Climate Change, COVID19, FDI. These payments are part of the EU’s longterm budget, negotiations on which are intertwined with those on the recovery fund. European Union leaders will meet face-to-face for their summit as they try to carve up a potential package of 1.85 trillion euros among themselves. European Council conclusions, 17-21 July 2020. Mark Rutte, Stefan Lofven, Sebastian Kurz and Mette Frederiksen on the sideline of an EU summit on July 18. The mechanism individual countries more say over how the money is spent, but it would also require any issues to be dealt with quickly. Governments would have three days from when the commission approves a payment to raise their objections and then the matter would have to be addressed by either EU leaders or finance ministers. That will aggravate, analysts say, the endemic imbalance within the eurozone between creditor countries in the north and debtor countries in the south. European Union leaders met face-to-face Friday in Brussels for the first time since the coronavirus pandemic emerged on the continent five months ago, but they didn’t see eye to eye, and most seasoned observers don’t think they will, as they ended their second day of talks, with plans to resume Sunday. The EU was represented by Mr. Charles Michel, President of the European Council, and Ms. Ursula von der Leyen, President of the European Commission. Community Summit and extreme365 bring the Microsoft Business Applications community together to learn, collaborate, and connect about Dynamics 365 and Power Platform (Power BI, Power Apps, Power Automate, Virtual Agent) Applications. 18 July 2020. EU grapples with 'mission impossible' at deadlocked summit over coronavirus economic recovery fund Published Sun, Jul 19 2020 7:48 PM EDT Updated Sun, Jul 19 2020 10:29 PM EDT We have reached a deal on the recovery package and the European budget. Dutch Prime Minister Mark Rutte, right, arrives for an EU summit at the European Council building in Brussels, Friday, July 17, 2020. A view seemingly shared by Michel, who told the national leaders Friday the substance of the debate wasn’t just about money but of the future and unity of Europe. 6th EU-AU Summit Planned for End of 2020. A marathon which ended in success for all 27 member states, but especially for the people. The recovery package is aimed at managing the biggest economic shock the bloc has ever had to confront in its history. Authors. This is a good deal. Photographer: Francisco Seco/AFP via Getty Images. A marathon negotiation has resulted in an agreement on the EU budget and recovery fund. The 15th Summit between India and the European Union (EU) was held in virtual format on 15th July 2020. 17-21 July 2020 Special European Council: EU summit compromise EU summit compromise: positive step for recovery, inadequate in the long-term. Their diplomats warn that the summit is emphasizing the lack of European solidarity. JPMorgan’s Dimon Says ‘This Boom Could Easily Run Into 2023’, Peter Thiel Calls Bitcoin ‘a Chinese Financial Weapon’ at Virtual Roundtable, DoorDash Drivers Game Algorithm to Increase Pay, U.K. to Avoid Astra Shots for Under 30s as EU Sees Clot Risk, Twitter Held Discussions for $4 Billion Takeover of Clubhouse. aeabc. By EURACTIV.com with AFP. Germany contributes the lion’s share to the bloc’s budget. [15SEP2020] The EU-AU did not proved immune to the COVID19 pandemic. From left, Dutch PM Mark Rutte, European Council President Charles Michel and German Chancellor Angela Merkel at the end of a marathon summit in Brussels, Belgium, on … The recovery package may help to blunt that, but an overly generous bail-out risks triggering a backlash in northern states, with taxpayers in the frugal four countries and Germany questioning why their money is heading south. And as Saturday dragged on, her gloomy forecast seemed likely as negotiations faltered, undermined the complex crisscrossing of rival regional and national economic and political priorities. Dutch Prime Minister Mark Rutte, German Chancellor Angela Merkel, European Commission President Ursula von der Leyen and French President Emmanuel Macron during a meeting on the sidelines of the first face-to-face EU summit since the COVID-19 outbreak in Brussels, Belgium, July 18, 2020. The euro rose against the dollar on the news to stand at $1.145. The new push comes after the first day of negotiations ended in acrimony, leaving the bloc’s plan to help its economies heal from the coronavirus hanging in the balance. The Netherlands and its allies have also been calling for the fund to be smaller and for more of the money to be disbursed as loans. The announcement was made by the EU Council President’s spokesperson, who tweeted on Tuesday that Charles Michell will call an extraordinary summit on July 17 and 18. That is complicating the European Commission’s bid, backed by Germany and France, to secure a mandate to borrow billions of euros on capital markets for the first time and to mutualize the debt. The Dutch prime minister, Mark Rutte, also wants a veto on how the money is spent by the recipients, and all four states blocking a deal want structural reform conditions placed on the cash received and for its expenditure to be heavily monitored and policed by the finance ministers of the bloc. Now the pandemic has widened some of those rifts and has given rise to new ones, as member states squabble over how best to recover from a virus that’s roiled the continent, left tens of thousands of dead, wrecked economies and left millions fearing for their livelihoods. July 21, 2020, 1-4:30 p.m. EDT August 13, 2020, 1:30-5:00 p.m. EDT Recording and Social Media Disclosure The 2020 Summit Virtual Meeting Series – or the “National Research Summit on Care, Services, and Supports for Persons with Dementia and Their Caregivers” – are public meetings. Some analysts — as well as some national leaders — insist a deal is essential for the bloc’s long-term survival. “I’m doing this for the whole of Europe, because it is also in the interest of Spain and Italy that they emerge from this crisis with strength,” Rutte told reporters Saturday. After much palaver, the summit has been postponed to 2021 with an actual date yet to be fixed. European Council conclusions, 17-21 July 2020; Visit the meeting page The EU was represented by Mr. Charles Michel, President of the European Council, and Ms. Ursula von der Leyen, President of the European Commission. At its heart, the division this time pits a group of four small north European countries, nicknamed the frugal four, against the powerhouses of Germany and France, whose leaders, Angela Merkel and Emmanuel Macron, along with the hard-hit countries of southern Europe, are pushing for a recovery plan that would see states, mainly the southerners but also France, bailed out with grants drawn from the proposed $750 billion recovery fund. In the run-up to the summit, negotiations over the plan, which were conducted for weeks via bilateral and group video conferences, became increasingly fraught. Other features of the compromise that seek to make it more palatable to net contributor countries such as the Netherlands, Austria, Denmark and Swede includes increased annual corrective payments for these countries, a key demand from them throughout budget talks.