The EU’s delayed €1.8 trillion budget and coronavirus recovery fund was approved

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EU’s €1.8 trillion budget ‘approved’ after Hungary and Poland had earlier blocked it

German Chancellor Angela Merkel, center, arrives for a round table meeting at an EU summit at the European Council building in Brussels, Thursday, Dec. 10, 2020.   –   Copyright  AP Photo/Olivier Matthys

The EU’s delayed €1.8 trillion budget and coronavirus recovery fund was approved on Thursday after Hungary and Poland removed their vetoes.

It comes as European leaders meet in Brussels for a summit.

Charles Michel, president of the EU Council, made of up of leaders of European countries, confirmed the agreement on Twitter.

“Now we can start with the implementation and build back our economies,” he added.

Commission chief Ursula von der Leyen also welcomed the announcement, writing on Twitter: “Europe moves forward”.

“€1.8 trillion to power our recovery and build a more resilient, green and digital EU,” she also wrote.SPONSORED CONTENTTotal in Papua New Guinea: Dialogue, consultation and empowermentValorization of natural resources can be a decisive contributor to the improvement of the living conditions in developing countries.Ad by Total 

Hungary and Poland blocked the adoption of the EU’s next seven-year budget last month over a rule of law conditionality that would see EU funds cut to member states deemed to be breaching core European values.

Both countries are the subject of an Article 7 procedure — the EU’s so-called “nuclear option” which allows for member states to be sanctioned if they are believed to be undermining democracy and the rule of law.

Warsaw and Budapest had accused Brussels of “political blackmailing” over the policy.

No details of the deal reached between Hungary, Poland and Germany — which holds the EU’s rotating six-month presidency — have yet to be released.

The €1.8 trillion package includes the Multiannual Financial Framework (MFF), the EU’s seven-year budget, worth just under €1.1 trillion and the €750 billion COVID-19 recovery Fund, known as Next Generation EU.