Abstract This paper provides a reconstruction and game‐theoretical characterization of the coming about of the €750 billion Covid Recovery Fund (RRF). It does this from the perspective of one prominent member state, the Netherlands, who was arguably the most prominent opponent to the idea. The case of the Netherlands is revealing for the ability of individual Member States to oversee and control EU decision‐making in this new system of European Council centred governance. We provide an embedded process tracing analysis of the decision‐making from the first Summit on the Multiannual Financial Framework of 20/21 February, up until the ‘historic’ deal on the MFF and RRF of 21 July. Where most media accounts and scholarly evaluations focus on the proceedings at the highest political level and particularly the role of German Chancellor Merkel, we highlight the early, technical‐level developments and proceedings, that laid out the tracks for the final deal.