EU leaders finishing 1st round of #euco interventions (they've been told to send an SMS if they want to speak again). So far:
- 🇫🇷🇮🇹🇬🇷🇪🇸 🇵🇹want grants from recovery fund ~€1-1.5tn
- Frugals, led by 🇸🇪: no grants and no trillion camp
- 🇩🇪 avoided g-word but wants "huge" effort
- 🇫🇷🇮🇹🇬🇷🇪🇸 🇵🇹want grants from recovery fund ~€1-1.5tn
- Frugals, led by 🇸🇪: no grants and no trillion camp
- 🇩🇪 avoided g-word but wants "huge" effort
**correction
- 🇩🇪 Merkel said grants not in categoru is something she can agree, but still called for "huge" effort
- 🇩🇪 Merkel said grants not in categoru is something she can agree, but still called for "huge" effort
🇮🇹🇮🇹Conte told #euco that commission should aim to get recovery fund up and running so it can issue grants as soon as the second part of this year. Called the situation a "political emergency"
Not sure which leaders have sent an SMS asking to speak again but this one could be ending mercifully soon #euco
#euco is over!
Rutte, who said his government would not support debt financed grants at #euco - says Eurogroup package has helped quell the acute financial emergency of the crisis. So ball is pinged back to the Commission
Von der Leyen says commission's recovery/MFF plan will ultimately be a mix of "loans and grants". Suggests that the classic budget will be used for traditional transfers (via cohesion and other tools) and the recovery fund will dish out loans #euco
VDL: "There will be a sound balance of grants and loans and this will be a matter of negotiation with member states so we find a good mixture" #euco
Voila. Rutte: "It is most likely that grants should be in the remit of the MFF, through re prioritisation and frontloading and the recovery instrument will most likely be a loan instrument"
Seem commission now has bit longer than next week to come up with its recovery instrument blueprint as Brussels also been asked to come up with thorough assessment of the economy and needs of different sectors. Merkel told #euco this likely to need more than two weeks
