Bearing in mind the health impact of COVID-19, EU leaders agreed that the emphasis should be on mitigating socio-economic damage and that an unprecedented effort and innovative approach, fostering convergence, resilience and transformation in the EU was required. In this regard, on 21st July, EU leaders agreed on the Next Generation Europe recovery package and the next EU budget, the Multiannual Financial Framework (MFF), respectively representing €750 billion and €1.074 trillion. However, the political agreement reached does not conclude the process for the adoption of the EU's long-term budget for the years 2021 to 2027. It is only the starting point for negotiations between the Parliament and Council.

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In the snapshot below, we outline what the agreement entails for different sectors as it will allow EU Member States to invest and promote areas such as health, research and innovation, digital and transport among others, as well as the upcoming next steps where the European Parliament still has to vote and give its greenlight through an absolute majority.

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