EU Council’s president urges quick implementation of recovery package



European Council President Charles Michel has called on all European Union (EU) member states to stay united on a comprehensive financial package to underpin the EU’s recovery from the COVID-19 pandemic.

Michel urged that its implementation should be as soon as possible noting that the vast majority of member states have agreed with the compromise on the table.

The president made the plea at a video conference of EU leaders on Thursday.

He also noted that some other members were not able to support the majority regarding the mechanism on the conditionality of the recovery package.

He said “This financial package is essential for our economic recovery.’’

Michel said that he hoped for a solution that would be accepted by all member states through further discussion.

In July, EU leaders agreed upon a comprehensive package totaling over 1.8 trillion euros (2.12 trillion United States dollars), which combined the long-term EU budget for 2021-2027, or the so-called Multiannual Financial Framework worth nearly 1.1 trillion euros.

The recovery fund, named Next Generation EU, would be financed with a borrowing of 750 billion euros.

The recovery package needs to be ratified by all member states before coming into effect.

However, Poland and Hungary vetoed the financial plan on Monday, delaying the massive fiscal stimulus, which plays a critical role for the EU in getting through the recession caused by the pandemic.

President of the European Central Bank Christine Lagarde told the European Parliament’s Committee on Economic and Monetary Affairs in a hearing that “the Next Generation EU package must become operational without delay.’’

Lagarde stressed that the package’s additional resources could facilitate expansionary fiscal policies, most notably in those countries with limited fiscal space.

She called for proper arrangements to allow for the well-sequenced and effective spending of these funds.

Hadiza Mohammed

Hadiza Mohammed: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at] Disclaimer.

Vietnam records 5 new COVID-19 cases, 1,321 in total Russia sets up lab to create quantum computer Indian gov’t issues fresh COVID-19 guidelines for surveillance, containment, caution Japanese PM Suga meets Chinese FM, agrees to enhance bilateral relations At least 7 dead as dinghy carrying migrants capsizes off Canary islands China Focus: BRICS ties spur business opportunities China refutes British moves to beef up ban on Huawei Malaysia reports 970 new COVID-19 cases, 4 more deaths Bangladesh reports 2,156 new COVID-19 cases, 39 more deaths Activists arrange shoes on street during campaign to stop sexual violence in Jakarta Car hits gate of German Chancellery Iran condemns deadly explosions in Afghanistan’s Bamiyan COVID-19 cases rise to 1,060,152 in Mexico Syrian women receive income through food preparation under funding project UN office in Kuwait launches 16 days of activism against gender-based violence S. African president condemns violence in freight industry Georgia reports 3,071 more COVID-19 cases Los Angeles announces new measures to contain COVID-19 resurge Landslide kills 3, leaves 5 missing in western Uganda South Korea fines Facebook $6.1m for sharing user info Musk now world second-richest person Russian Federal Security Service thwarts Islamic State attacks in Moscow region World shares rally on Biden transition, COVID-19 vaccine UAE stops visa for 13 Muslim-majority countries COVID-19: Spain outlines plans to vaccinate citizens Elderly China residents to enjoy smart technologies use Air strikes kill 82 bandits in Katsina, Zamfara -DHQ Kenya, European Council leaders resolve to pursue end to Ethiopian military offensive Ethiopian rights body says nearly 600 killed in Tigray massacre Kenya calls for revised commercial relations with EU United States food insecurity shadows a hungry Thanksgiving: analysts Ethiopia: UN ‘deeply worried’ over impending military offensive Brazil’s COVID-19 death toll tops 170,000 Grammy Awards: Burna first Nigerian with consecutive nominations Colombia reports 7,515 more COVID-19 cases UN gets OK to inspect, repair derelict tanker with over 1 mln barrels of oil off Yemen coast Israel missile attack hits Syrian military targets COVID-19: FCT leads as NCDC reports 168 new infections We’ll correct errors despite victory at Flying Officers Cup — Coach British Govt. eases Coronavirus restriction for Christmas White House approves intelligence briefing for Biden NAFEST 2020: Participants hope it’ll help promote unity after #EndSARS Biden presents his national security team Nestlé begins Community Scholarship Scheme to promote youth education Buhari condoles with Minister of Communication over daughter’s death UNICEF congratulates Jaba for emerging as first ODF LGA in Kaduna Dow closes above 30,000 for first time amid strong market momentum LatAm business climate improves in Q4, says Brazilian think tank Gov. Tambuwal says Sokoto requires N1.9 bn for rural electrification Shippers Council mourns immediate past Executive Secretary, Biu