The largest fraction of the EP threatened to block the new budget of the European Union

The largest fraction of the European Parliament – EPP threatens to veto the new seven-year financial plan of the European Union if members of parliament do not actively participate in the creation of a new fund to restore Europe from the crisis, the faction said.

“The EPP has threatened to veto the EU’s long-term budget plan if the European Parliament does not play a key role in developing a recovery fund,” the party said, which has 187 mandates out of 705 in the EP.

Without the approval of the majority of members of the European Parliament, the EU budget cannot be approved.

On March 11, the World Health Organization announced an outbreak of a new coronavirus infection with COVID-19 pandemic.

In view of this, large-scale bans were introduced in the EU in the field of socio-economic life. Some countries have already begun to relax quarantine measures.

One EU economy has been hit hard by the pandemic. Moreover, in a very serious situation requiring financial support, there was far from one economic sector.

In this regard, the European Union at the national and supranational levels announced measures to support the economy, the volume of which, if fully implemented, could amount to several trillion euros.

In addition, the EU authorities have proposed the creation of a special fund for recovery from the crisis, which will have to use the funds of the joint EU budget.

The European Union also needs to decide on the parameters of a multi-year financial plan for 2021-2027, taking into account which the annual general budgets of the EU will then be drawn up.

Earlier, in February, even before the acute phase of the coronavirus crisis in the union, at a special summit on a multi-year financial plan, the EU countries could not agree.

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