Executive summary
On 21 July 2020, the European Council (the Council) agreed on a recovery plan and the European Union (EU) budget for 2021 - 2027. The agreement reached by the leaders of the 27 Member States was reflected in the Council conclusions (the conclusions) published on the same day, 21 July, and cover:
- A new recovery instrument worth €750 billion, called “Next Generation EU” (NGEU)
- The seven-year EU budget (the Multiannual Financial Framework or MFF) of an overall amount of €1,…