Discussions on EU's economic recovery fund one of the most difficult to date - Karins

  • 2020-07-19
  • LETA/TBT Staff

RIGA - The European Council negotiations on the European Union's economic recovery fund are one of the most difficult to date, Prime Minister Krisjanis Karins (New Unity) told LETA, commenting the past two day of talks.

The prime minister said that yesterday's talks continued until the early morning hours, during which the leaders of the EU member states were looking for a common denominator for the creation of a new economic recovery fund, the creation of which is unprecedented. Karins emphasized that the idea of the fund is easy for everyone to understand, but the details are complicated and no agreement has been reached so far.

"We will all meet again today to see how far we have come. I have been involved in various talks, and these are one of the most difficult ones to date. However, we continue to look for a solution to bring the fund to life and on what terms," he said.

Speaking about what could happen if no agreement is reached between EU leaders by the end of the day, Karins said that hardly everyone would agree to stay in Brussels a fourth or fifth day, because everyone has return to their countries. The prime minister admitted that in such a case, decision-making could be postponed for a while and work on finding solutions could be continued remotely.

Karins said that the fact that the fund would consist of money borrowed on the international market is a problem. As a result, many EU member states are concerned about the conditions for the use of the fund, as well as the management and supervision of the use of these funds.

Karins confirmed that in parallel with the negotiations on the economic recovery fund, negotiations are also taking place on the EU's multi-annual budget, but this process is currently overshadowed by the need to agree on the fund.

The prime minister pointed out that sometimes the last day of the meeting sometimes puts a little more pressure to get something done, but this time it is not only political disagreements, which tend to find compromises, but also the legal basis, which creates a new level of complexity.