Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EU lawmakers break off talks with states on European recovery plan

Published 08/10/2020, 20:14
Updated 08/10/2020, 21:10
© Reuters. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels

© Reuters. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels

BRUSSELS (Reuters) - European Union lawmakers broke off talks on Thursday with EU government representatives over the bloc's budget and a 1.8 trillion euro coronavirus recovery package.

A deal between the European Parliament and governments is required to adopt the EU's largest-ever financial stimulus, which EU leaders agreed at a July summit to help lift Europe's economy from its deepest recession on record.

Delays in reaching a deal could further damage the EU economy, as many sectors rely on the EU funds.

"We had no other choice but to interrupt the meeting," lawmakers said in a statement, adding that more funds were needed to finance key programmes, including for infrastructure, defence and students exchanges, over the next seven years.

Clashes between lawmakers and governments are common over EU budgets, but have so far always ended up in agreements.

"A willingness to compromise is needed on all sides," a spokesman for Germany, which is conducting the talks on behalf of the 27 EU governments, said on Twitter.

Talks will resume in the coming days and should a deal eventually be reached, national parliaments will then have to ratify it.

© Reuters. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.