European Parliament threatens to block approved EU long-term budget
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    European Parliament threatens to block approved EU long-term budget

    Credit: Belga

    In a resolution voted on Thursday, the European Parliament threatened not to endorse the agreement reached by the member states at a marathon summit on the EU budget if it was not “improved,” including the planned “cuts.”

    The Parliament is due to vote by the end of the year on the 2021-2027 EU budget.

    In the text, adopted on Thursday by 465 votes in favour (150 against and 67 abstentions), the Parliament “challenges” this budget “in its current form”, and warns that it “is ready to refuse to give its approval (…) until a satisfactory agreement is reached.”

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    On Tuesday, the European Union heads of state and government gave their agreement in Brussels to a massive recovery fund (€750 billion) to help the European countries most affected by the coronavirus crisis, on the morning of the fifth day of a marathon summit.

    The EU-27 agreed on the use of a joint loan to be taken out by the European Commission on the financial markets on a scale never seen before in the EU’s history, to redistribute the money in the form of grants and loans to the countries and sectors most affected by the crisis.

    The Brussels Times