The longest summit of EU history – 4 days and budget of 1.8 trillion

summit budget EU

The European Union wishes everyone well, which is why today, July 21, 2020, after 4 days and 4 nights of negotiations (almost the longest summit) with the result of a historic budget of 1.8 trillion over 7 years, after which everyone can say that won something.

The Netherlands, Austria, Sweden, Denmark, Finland) will receive reductions in budget contributions of 4 billion euros, plus an extra bonus for the extra Netherlands especially, 25% of the import duties collected.

EU leaders agreed early on Tuesday on an innovative plan to borrow together € 750 billion to respond to the coronavirus pandemic, which has killed 135,000 people around the bloc and sent savings from the mainland in a queue.

Following the summit, the new budget is 1,074 trillion euros over a period of 7 years, the multiannual financial framework (MFF), and following the unanimous agreement it was decided to bring the total financial package to 1.82 billion euros.

The agreement for this amount was concluded at 5:30 a.m., this summit being one of the longest in the history of the EU with its passage on the fifth day.

European Council President Charles Michel

European Council President Charles Michel posted a “Deal” tweet following the negotiation.

The longest summit of EU history - 4 days and budget of 1.8 trillion

Political leaders wore masks at all times and were only allowed 6 in the same room, while before they could participate in 19 such meetings.

Due to the coronavirus pandemic and the attempts that different states have had, many people have lost their jobs, but the states have still tried to help. How? Through various programs that did not necessarily help the world economy. Many businessmen and analysts have given their opinion here, this being a generally valid one: the world economy is going from bad to worse and something needs to be done.

We all stay together

France and Germany have proposed a debt program for grants of around € 500 billion. The European Commission has adopted it, adding a € 250 billion loan. Meanwhile, EU countries have borrowed on small-scale financial markets in the past, including of course the response to the 2010 eurozone debt crisis. This new plan marks a potentially huge leap in fiscal integration.

The real winners are us, the legitimate citizens of the European Union. The stronger this union, the easier the transition to the digital and green economy and, of course, the more security and well-being.


Please enter your comment!
Please enter your name here