Michel offers compromise to ‘frugal four’ – report
European Council President Charles Michel (pictured) proposed a change in the European Union coronavirus recovery agreement to accommodate the demands of Austria, Denmark, the Netherlands, and Sweeden, called also “the frugal four,” Politico reported on Saturday, citing a document it obtained.
The extent of the deal would stay unchanged at €750 billion, with €50 billion being redistributed from grants to loans, the document read. Another change proposed allows countries to contend a way in which the recovery fund is disbursed, called “super emergency brake.” By this mechanism, any country can “request within 3 days … to bring the matter without delay, to the European Council or the Ecofin to satisfactorily address the matter.”
Austrian Chancellor Sebastian Kurz said the day before that he rejected the initial offer, but also announced that there will be “new proposals overnight.”
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