“White smoke”. “We have a deal”. “A deal for Europe”. These were the recurring phrases in my Twitter news feed on 10 November. Just a couple of hours of not checking my Twitter and I thought I had missed out a historic event. Brussels-based politicians, political groups and institutions were popping the champagne after the [deal](https://www.consilium.europa.eu/en/press/press-releases/2020/11/10/next-multiannual-financial-framework-and-recovery-package-council-presidency-reaches-political-agreement-with-the-european-parliament/) between the European Parliament and the Council on the next EU long-term budget. But what does this mean exactly? Do we have a new budget for the period 2021-2027? Is the money of the recovery fund ready to be distributed? The answer is no. Indeed, despite this agreement, nothing is set, yet. Moreover, just six says after the deal, that enthusiasm disappeared. Why? Here is a succinct overview of the latest developments and why one should never claim victory too early!

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Error 404: Budget not found. The latest on the EU budget and recovery fund

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