In their final meeting of 2020, EU leaders made key decisions on the bloc's long-term budget and recovery fund, emissions targets, and foreign affairs. We delayed this week's episode to bring you a must-listen analysis of what happened and what it all means. We also have an interview with Spain's Foreign Minister Arancha González Laya.

A top team of POLITICO reporters takes you through the European Council. Lili Bayer breaks down the compromise that ended a budget blockade by Hungary and Poland over plans to link EU payouts to respect for the rule of law. Kalina Oroschakoff unpacks the leaders' pledge to cut emissions by 55 percent by 2030 and the battles that lie ahead. And Rym Momtaz and David M. Herszenhorn take a step back to sum up the summit and look at how Angela Merkel — who came top in our POLITICO 28 power rankings this week — fared during Germany's six-month presidency of the Council of the EU.

Ahead of the summit, David sat down with Minister González to discuss some of the big issues also on the leaders' agenda, including Turkey, transatlantic relations and Brexit. We have highlights from that conversation.

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