Portugal's Costa says EU would 'paralyse' if budget, recovery funds not approved soon

Portuguese Prime Minister Antonio Costa said on Wednesday the European Union's economy would be paralysed if the bloc's budget recovery funds to help countries battling the coronavirus pandemic are not approved this month.

"Next week we really have to have this agreement," Costa, whose country will hold the rotating presidency of the Council form January to June 2021, told a news conference.

"The next European Council must approve the needed mechanisms to have a budget, a recovery programme and a multiannual framework by Jan. 1 ... Otherwise EU's activity will paralyse," he said.