French Finance Minister Bruno Le Maire said on Monday an agreement on a recovery plan at the European Council meeting in Brussels was possible and a necessity.

Le Maire also told French BFM TV that the future of Europe in the 21st century was at stake.

"An agreement is possible. An agreement is a necessity", Le Maire said.

EU leaders stood at an impasse on Monday after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic.