Poland and Hungary veto EU budget plan

The two countries have followed through on their threat to block spending plans through to 2027. The EU needs a unanimous vote from all 27 members in order to pass the budget and coronavirus economic recovery fund.

Hungary and Poland blocked approval of the EU’s long-term budget on Monday, diplomatic sources revealed. The spending plans also include a €750-billion ($888 billion) coronavirus rescue package. Source Deutsche Welle

Biden’s win creates conditions for US-Germany deal on Nord Stream 2, says expert

The presidency of Joe Biden paves the way for a deal between Germany and the United States to resolve the conflict over Nord Stream 2 and complete its construction in exchange for the EU commitments to expand LNG purchases from the US, Simonas Vileikis, a Brussels political adviser to the British consulting company Portland Europe, told TASS on Monday. Source TASS

Central bank sees 9-10 pct recession for French economy in 2020

The governor of the Bank of France, Francois Villeroy de Galhau, on Monday estimated France’s economy to contract by between 9 and 10 percent this year, worse than his previous estimate of 8.7 percent.

“Before the second wave we thought we would have a recession of a bit less than 9 percent. We now expect that for the whole of 2020 we will be between minus 9 and minus 10 percent,” de Galhau told RTL radio.

“Our estimate…will of course depend on the continuation of the confinement,” he added. Source Xinhuanet