An extraordinary summit bringing together the leaders of the 27 EU countries will take place in Brussels on July 17 and 18 to try to reach an agreement on the massive recovery plan for the European economy, the spokesman for Charles Michel, President of the European Council.
It will be the first physical summit since the beginning of March of the coronavirus pandemic which has plunged the economy of the Old Continent into a historic recession following notably several months of confinement. A virtual summit last week on this unprecedented plan highlighted the divergences between the leaders who however wish to adopt by the end of July the recovery plan of 750 billion euros.
Macron to convince the "frugals"
This proposal from the European Commission is backed by the long-term budget of the European Union (2021-2027) amounting to 1.100 billion euros. The sum of 750 billion euros, a cocktail of (non-repayable) grants and loans, would be borrowed for the first time on behalf of the EU on the markets, breaking the taboo of a common debt.
In order to reach a compromise, it will be necessary in particular to overcome the reluctance of the four "frugal" countries - the Netherlands, Austria, Sweden, Denmark - very reserved with regard to this plan which will primarily benefit the countries of the South, the most affected by the pandemic.
Overall amount, allocation criteria (unemployment rate in particular), distribution between loans and grants: the 27 are divided on all these parameters and an agreement will have to be bitterly bargained. Charles Michel, should present by the summit a proposal summarizing his consultations with the 27 European leaders. French President Emmanuel Macron is scheduled to meet this Tuesday in The Hague with the leader of the "frugals", Dutch Prime Minister Mark Rutte.
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