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CGD Policy Blogs

 

The EU’s New Budget: Europe’s Recovery at The Expense of Its Long- Term Ambitions

After a four day marathon run of negotiations, the 27 Heads of State of the EU reached an agreement on both the Recovery Fund—a large fund to support the post-COVID recovery across the EU—and its new long-term budget and priorities, the Multiannual Financial Framework (MFF) 2021-2027. While leaders across the EU are now hailing the deal as a “win” for their own voters and priorities, inevitably the negotiations were fundamentally driven by domestic interests and priorities, and predictably, international development has suffered as a result of the cuts.