İrem UZUN -TDO- European Union leaders clashed briefly on Thursday over a veto by Poland and Hungary of the bloc’s 1.8 trillion euro plan to recover from the recession caused by the COVID-19 pandemic, but agreed in a virtual summit to allow more time for an agreement. The EU’s economics chief said he is worried that a $2 trillion stimulus plan will not be delivered as quickly as planned, threatening a recovery in the region.
The leaders of the 27 EU member states agreed in July to borrow funds jointly via the European Commission, an unprecedented move that ended long-standing opposition from more fiscally conservative nations such as Germany and the Netherlands to commit to joint borrowing during the COVID-19 pandemic. However, Hungary and Poland, which have for years been under investigation for allegedly disrespecting European values, opposed the new link and vetoed the agreement. “I am confident on the outcome, I am rather worried on the delays that, in any case, we are risking,” said Paolo Gentiloni, EU commissioner for economic affairs.
European Union leaders argued at a summit Thursday over Poland and Hungary's attempts to block the passage of the EU budget and coronavirus rescue package. The two holdouts reaffirmed their position at the video conference. Leaders agreed to park the dispute and hand it over to experts to find a way forward. European Commission Vice President Frans Timmermans said "It is in the interest of everyone that we move quickly on this. People's jobs depend on this. Our economic recovery depends on this. All that is being asked of member states is to respect the treaties they have signed and ratified. That's it."