On Friday 10 July, the President of the European Council, Charles Michel, proposed a post-Covid-19 EU Economic Recovery Plan amounting to €750 billion, that preserves the balance proposed by the European Commission between grants (€310 billion) and loans (€250 billion) to Member states under the Recovery and Resilience Facility (see EUROPE B12519A1).
In exchange, Mr Michel’s ‘Negotiating Box’ reduces the EU’s multiannual financial framework (MFF) for 2021-2027 by 20 billion...