Economy

€750 billion MFF boost: What will it mean for Irish farmers?

€750 billion MFF boost: What will it mean for Irish farmers?”

Yesterday's plan reiterates the EU's commitment to circularity, and its objectives to reduce Europe's dependency on foreign materials by preventing waste, boosting recycling and increasing the use of secondary raw materials.

The European Council and co-legislators to examine the Commission's proposals with a view to reaching a political agreement at European Council-level by July.

The European Commission's proposal meets the four conditionalities initially put forth by Greece for the fund: "to be large and ambitious, flexible, to rely more on grants and less on loans, and to be financed by joint European lending", he highlighted.

European commission president Ursula von der Leyen said the EU faced a defining moment, never seen in its 70-year history: "The crisis has huge externalities and spillovers across all countries and none of that can be fixed by any single country alone".

The money raised will go into the EU's next long-term budget, which starts on January 1 and runs until December 31, 2027.

In total, the recovery plan amounts to €1.85tn, the commission said, noting that it would help "kick-start" the bloc's economy and ensure that Europe "bounces forward".

Simson, the Estonian member of the European Commission, said in a press release that the recovery plan is extensive enough to provide a real impetus for the economy and specific enough to move towards a greener, more digital and more resilient economy.

European Union leaders agree that, if they fail to rescue economies now in freefall, they risk something worse than their debt crisis of a decade ago, which threatened to pull the eurozone apart. While some stimulus spending could start as soon as this autumn, most would come from 2021.

More news: New Iran parliament convenes under strict coronavirus curbs

That said, the Next Generation EU plan still has to get the nod from the bloc's 27 member states and the European parliament.

But her pitch was just the start of what will take a huge effort by the Commission to get all member states on side, especially as the Commission wants this agreed by leaders at the next European Union summit in three weeks time.

"It is clear there are hard talks ahead", German Chancellor Angela Merkel said.

Mrs von der Leyen will give details both of the recovery "instrument" and how it will be integrated into the EU's wider 2021-27 budget.

The proposed 750 billion euro ($825 billion) fund would be made up of 500 billion euros in grants - a package that German Chancellor Angela Merkel and French President Emmanuel Macron announced last week - and 250 billion euros ($275 billion) in loans.

"The positions are far apart..." The fund would increase the EU's budget to 1.85 trillion euros ($2.03 trillion) for the next seven years. "So negotiations will take time", said a Dutch diplomat.

ING said the proposal was like an expensive bottle of wine on a supermarket shelf: "Very often it is only there to make the lower-priced ones look reasonable".



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