Finance

Merkel: No budget deal in June, but must come by fall

EU leaders wont reach a compromise on the next seven-year budget and the economic recovery fund at their next summit in June but should get a deal before the fall, Angela Merkel said Wednesday.

The German chancellor told reporters that last weeks Franco-German proposal “provided a good building block” for the €750 billion recovery fund that European Commission President Ursula von der Leyen proposed Wednesday, alongside a new proposal for the EUs Multiannual Financial Framework.

Yet Merkel cautioned that she expects “difficult” negotiations ahead, which “will not be concluded at the next European Council” on June 19.

A similar message came from Paris, where a French official Wednesday told reporters that the Elysée palace does not think that June “will be the meeting where we reach an agreement.”

“Well need a dedicated meeting in person at the beginning of July to have a budgetary agreement, postponing till September woulRead More – Source