EU leaders agreed 1.82 trillion budget for the next seven years

On 21 July, after four days of negotiations, EU leaders agreed on a record-high €1.82 trillion long-term budget including a temporary recovery instrument, Next Generation EU. Please find here a link to the Conclusions adopted by the European Council.

To finance Next Generation EU they decided, for the first time in European history, to enable the Commission to borrow funds on the markets and use them to finance the recovery.

The agreement was based on the Commission proposal of 27 May 2020.

The Commission will now work hand in hand with the European Parliament and Member States in the Council to finalise the adoption process.

Our objective is that the funds to start flowing to Europe’s regions, researchers, farmers and citizens from 1 January 2021.