During the fourth video conference of the EU summit, the participants "welcomed the Joint Roadmap for Recovery, which defines four key areas for action: single market, massive investment efforts, EU global action and better governance."
After the latest conference, Michel was quoted as saying that they all agreed to work towards establishing a recovery fund.
"This fund shall be of a sufficient magnitude, targeted towards the sectors and geographical parts of Europe most affected (…) We remain committed to giving the necessary impetus to work on the recovery fund as well as the MFF, so that a balanced agreement on both can be found as soon as possible," Michel was quoted as saying after the video conference.
Michel says that the Commission-tabled proposals are expected to define the connection between the recovery fund and the Multiannual Financial Framework (MFF).
The Commission proposal should clarify the link with the MFF, which in any event will need to be adjusted to deal with the current crisis and its aftermath.
"The future MFF will be a key instrument to support a lasting recovery and a fully functioning and modernised Single Market. It will have to take into account the effects of the crisis on regions and affected sectors, including by revamping key programmes to maximise their contribution to repair and recovery and tapping market financing.," the European Council says.
"It should provide support to Member State recovery plans, as well as a framework for sustained investment in the EU’s strategic objectives.
The new MFF should be agreed as soon as possible to avoid delays in essential investment and solutions should be found to ensure resources can be directed to where they are needed as quickly as possible."