FILE PHOTO: The flag of the European Union is seen on the Mayor Office in Budapest, Hungary, December 9, 2020 REUTERS/Bernadett Szabo
BUDAPEST (Reuters) - Hungary on Wednesday approved a bill essential to the European Union's massive recovery fund, bringing the bloc a step closer to putting the deal into operation and hopefully ending Europe's coronavirus-induced slump.
The 27 EU nations made an unprecedented agreement last year to jointly borrow 750 billion euros ($918 billion) for the fund. But all 27 must ratify a decision to raise the upper limit for national contributions for the plan to go ahead.
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