Recovery fund: Michel's proposal confirms 750 billion

(ANSA) - BRUSSELS, JUL 10 - The President of the European Council, Charles Michel, proposes to keep the entity of the Recovery Fund intact, at € 750 billion, and to confirm the proportion between non-refundable transfers and loans, respectively 500 and 250 billion . Michel explained it by presenting the negotiating proposal to reach an agreement on the Recovery fund and the EU budget 2021-2027, the July 17 and 18 summit. The President of the European Council also explained that in the proposal there is "a European budget for 2021-2027 of 1.074 billion. And the reimbursements (a mechanism for correcting the contribution) will be maintained for Germany, Austria, Denmark, Holland and Sweden". The 1.07% proposal is a compromise between 1.09% advanced in February and the request of the Frugal countries (Holland, Denmark, Austria and Sweden) at 1.05%. (HANDLE).