July 10, 2020 / 12:20 PM / a month ago

Germany's Scholz: EU will reach compromise on budget, recovery fund

FILE PHOTO: German Finance Minister Olaf Scholz gestures as he speaks during a news conference, amid the coronavirus disease (COVID-19) outbreak, in Berlin, Germany, June 17, 2020. REUTERS/Annegret Hilse/Pool/File Photo

BERLIN (Reuters) - German Finance Minister Olaf Scholz on Friday voiced optimism that EU member states will reach a compromise on the bloc’s long-term budget and economic recovery fund after European Council president sought to bridge differences.

“From my point of view it is important that everyone moves forward and shows willingness to compromise. The contribution (Charles Michel) made to that is important but hugely differing positions, which are all known, remain,” Scholz told a news conference after talks with European Union finance ministers.

Scholz said member states were being constructive and were prepared to compromise, adding: “I think it will succeed and so I’m optimistic.”

European Council President Michel on Friday proposed a smaller 2021-27 budget in a bid to make a mass economic stimulus more palatable to thrifty northern countries.

Reporting by Michelle Martin; Editing by Joseph Nasr

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