The Art of Compromise: Outcome of the Special European Council of July 2020

In the early hours of Tuesday, 21 July 2020, after over 90 hours of negotiations, EU leaders reached agreement at political level on a landmark package designed to facilitate economic recovery and renewal in the EU. The package, which is composed of a €750 billion recovery fund and a new long-term budget worth €1.0743 trillion, has been described as a deal of historic proportions and a shift towards the greater collectivisation of economic efforts in the EU. This briefing will examine the outcome of the special European Council of 17-21 July and its significance for the EU.