European Central Bank President welcomes the agreement reached in Brussels
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    European Central Bank President welcomes the agreement reached in Brussels

    The new president of the European Central Bank, Christine Lagarde turned 64 on 1 January 2020. Credit: Belga

    The President of the European Central Bank (ECB), Christine Lagarde, welcomed the agreement reached on Tuesday by the 27 Heads of State and Government in Brussels.

    The Frenchwoman then addressed the European leaders, thanking them for their “resilience” and their “determined action over the last few days”. “It is only by working together that we can face the economic consequences of Covid-19,” she added.

    The 27 reached agreement on Tuesday morning on the EU’s budgetary framework for the next seven years and a €750 billion fund to help the European countries most affected by the coronavirus crisis.

    Marathon negotiations

    After marathon negotiations, the European Council adopted on Tuesday morning conclusions on the recovery plan and multiannual financial framework for 2021-2027.

    A triumphant European Council president Charles Michel tweeted, “We did it! We have reached a deal on the recovery package and the European budget for 2021-2027. This is a strong deal. And most importantly, the right deal for Europe right now.”  France’s president Emmanuel Macron tweeted that it was” a historical day for Europe”.

    At a press conference, around 6:00 AM on 21 July, Michel described the negotiations as a marathon which ended in success for all 27 member states.

    “This deal will be seen as a pivotal movement in Europe’s journey and will launch us into the future. It sends a strong signal that Europe is a force for action. For the first time EU’s budget will be linked to its climate objectives and the budget spending to the respect of the rule of law,“ he declared. “The magic of the European project works.”

    The Brussels Times