On 18 December 2020, the Council and the Parliament reached a provisional agreement on the Recovery and Resilience Facility (RRF). He also referred to the potential for “greening” the EU economy through agriculture and cohesion funding which account for roughly two thirds of the EU budget. Find out the latest news on the EU-coordinated response to the coronavirus outbreak and the European Parliament's actions. Graphic: EU could join leading euro zone bond issuers - 3. In the interest of citizens, Parliament will ensure that the [long-term budget] and recovery fund are the best possible responses to the severe crisis we see now and that will have consequences for many years.”, Commenting on comparisons between the Covid-19 recovery and the post-war Marshall Plan, Van Overtveldt said: “At this point, what has been done by Europe and certainly when the recovery fund to the tune of let’s say €1 trillion comes on top, we will be doing more than was done with the Marshall Plan.”, The European Commission is expected to table proposals on the recovery fund shortly, but there are already deep divisions on, for example, whether countries should be given loans or grants. On 17 December 2020, the Council decided to adopt the next long-term EU budget for the period 2021-2027. On 10 December 2020, EU Member States in the European Council agreed to finalise the adoption of the MFF Regulation and the Own Resources Decision, at the level of the Council. Brussels, 22. finalise the adoption of the MFF Regulation and the Own Resources Decision, Council decided to adopt the next long-term EU budget, agreement on the Recovery and Resilience Facility, Questions and answers on the adoption of the EU's long-term budget for 2021-2027, European Commission to issue €62.9 billion worth bonds under existing programmes in 2021, EU budget 2021: A kick-start of the European recovery, EU budget: European Commission welcomes the adoption of the EU's long-term budget for 2021-2027, Recovery from coronavirus: success stories, Aid, Development cooperation, Fundamental rights, Follow the European Commission on social media, research and innovation, via Horizon Europe, fair climate and digital transitions, via the Just Transition Fund and the Digital Europe Programme, preparedness, recovery and resilience, via the Recovery and Resilience Facility, rescEU and a new health programme, EU4Health, modernising traditional policies such as cohesion and the common agricultural policy, to maximise their contribution to the Union's priorities, fighting climate change, with 30% of the EU funds, the highest share ever of the European budget, biodiversity protection and gender equality, a financial contribution linked to the corporate sector, Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU): NextGenerationEU also includes €47.5 billion for REACT-EU. The European Commission is considering a way to proceed with its €750bn coronavirus recovery fund that will exclude Hungary and Poland. The EU has proposed a mechanism linking the bloc’s €1.8 trillion budget, which includes a €750bn coronavirus recovery package, to its members' respect of the rule of law. by: LORNE COOK and RAF CASERT, Associated Press . Leaders have agreed to pass the new budget and coronavirus recovery fund, including holdouts Hungary and Poland. That followed a frenzy of meetings this week, including an … Along with the human cost of lives lost, the hit to the EU economy has been severe. Guntram Wolff Director of Bruegel. The Commission proposed the Facility on 27 May 2020 as the centrepiece of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the immediate economic and social damage brought about by the coronavirus pandemic. EU leaders consider new proposal in bid to break deadlock on coronavirus recovery fund. THE EU's recovery fund will face severe delays unless Brussels adopts a rarely used 'eurozone stabilisation procedure', a political commentator has claimed. EU inches toward landmark budget, virus recovery fund deal News. Fitch Ratings-London-23 July 2020: The EUR750 billion recovery fund agreed by EU leaders is net supportive for EU sovereign ratings, Fitch Ratings says. That’s the only relevant issue.”. EU recovery fund and budget negotiations aren't over yet. Thu 23 Jul, 2020 - 10:42 AM ET. Negotiators for the European Parliament and the Council of the EU reached the preliminary deal on the €672.5 billion Recovery and Resilience Facility (RRF) in a final push that began Thursday morning. MEP Guy Verhofstadt wants the European Parliament to now deal with the shortcomings of the EU recovery deal (Photo: European Parliament) By Guy Verhofstadt. The Multiannual Financial Framework (MFF) and the EU’s Recovery Plan for Europe – dubbed NextGeneration EU – have finally been given the green light by the European Council after Poland and Hungary withdrew their vetoes yesterday (Thursday, December 10). EU leaders reduced the proposed budget to €1.074 trillion at their summit on 17-21 July. Jul, 12:00. According to the EU Recovery Fund, Italy should receive € 209 billion over the next six years, of which about 81 is for grants and 128 for loans to be repaid with interest. On 10 November 2020, the European Parliament and the Council reached an agreement on the package. NextGenerationEU is a €750 billion temporary recovery instrument to help repair the immediate economic and social damage brought about by the coronavirus pandemic. Post-COVID-19 Europe will be greener, more digital, more resilient and better fit for the current and forthcoming challenges. EU heads of state or government reached a political agreement on the package. There is so much uncertainty: will there be a relapse? And yet this divisiveness has been baked into the EU recovery fund, complete with country allocations drawn up even before we know the effects of the recession on each region. The European Commission is expected to table proposals on the recovery fund shortly, but there are already deep divisions on, for example, whether countries should be given loans or grants. Poland and Hungary agreed to the deal in July but later vetoed it, fearing the new “rule of law mechanism” might target them for possible breaches of Europe’s democratic standards. EU strikes deal on landmark budget, virus recovery fund. Source: European Commission. Find open and upcoming calls for funding proposals, get background information on funding processes and programmes, and apply online. The coronavirus outbreak is testing the EU in ways that would have been unthinkable only months ago. Guntram Wolff is Director of Bruegel and a member of the French prime minister’s Conseil d’Analyse Economique. There is no more time to lose. The European recovery, it is said, was a harshly uneven one. These countries were known as being hostile to increasing the size of the EU budget and delayed an agreement on the recovery fund because they opposed funding it by common debt. EU27 leaders agreed on: — EUR 750 bn recovery fund. As the new EU wide funding means lower downside risks to the CEE key export market and higher odds of a synchronised EU recovery, this … The big challenge will be to find the right balance.”. Fitch will treat the NGEU grants as budget-neutral, in line with Eurostat's preliminary guidance on the statistical recording of the Recovery and Resilience Fund (RRF). A. For the first time in its history, the EU will borrow from capital markets to finance expenditures throughout the Union. NextGenerationEU will also bring additional money to other European programmes or funds such as Horizon2020, InvestEU, rural development or the Just Transition Fund (JTF). contributions from the Member States based on value added tax (VAT), contributions based on gross national income (GNI). The largest stimulus package ever Parliament is insisting that climate action is at the core of the post-pandemic recovery. The framework proposal was immediately followed by legislative proposals for the 37 sectoral programmes (e.g. Posted: Dec 10, 2020 / 07:28 AM EST / Updated: Dec 10, 2020 / 07:28 AM EST. The EU’s recovery fund proposals: crisis relief with massive redistribution. Must Read . The EU's €750 billion recovery fund - What is in it for Ireland? French President Emmanuel Macron, left, speaks with European Commission President Ursula von der Leyen as Hungary's Prime Minister Viktor Orban, right, speaks with Poland's Prime Minister Mateusz Morawiecki during a round table meeting at an EU summit in Brussels, … They also stressed that the package should be focussed on people’s needs. EU strikes deal on $2.21 trillion seven-year budget and recovery package considered vital for many European … Learn about the tendering process and opportunities for doing business with the European Commission. Watch the full interview with budget committee chair Johan Van Overtveldt. For the Commission to start borrowing under NextGenerationEU, thus making the instrument operational, the ratification of the new Own Resources Decision by all Member States in line with their constitutional requirements is still needed. On Wednesday 27 May, the European Commission was the third to present a plan for the EU recovery fund in less than a week. A recovery fund worth €750bn (£670bn; $825bn) has been proposed by the EU's executive Commission to help the EU tackle an "unprecedented crisis". But doling out €750 billion in grants and loans will be a tricky task. The EU long-term budget will continue to be financed through the well-known revenue sources of the EU budget: In addition, as of 1 January 2021, a new national contribution based on non-recycled plastic packaging waste will be introduced as a source of revenue of the EU budget. The European Commission will move to launch the EU’s proposed €750 billion recovery fund without Hungary and Poland if there’s no breakthrough in the budget deadlock at next week’s European Council, Commission President Ursula von der Leyen told European Parliament President David Sassoli on Wednesday, according to two Parliament officials. 22 Δεκεμβρίου 2020, 23:21 . EU recovery fund: Frugal Five not as frugal anymore Thursday, 26 November 2020 The leaders of the Frugal 5 at the European Council: Mark Rutte (The Netherlands), Sebastian Kurz (Austria), Sanna Marin (Finland), Stefan Löfven (Sweden) and Mette Frederiksen (Denmark), credit: EU The new long-term budget will increase flexibility mechanisms to guarantee it has the capacity to address unforeseen needs. The EU recovery fund should be at the heart of this, and actions in 2021 will matter enormously for the recovery in years to come. BRUSSELS (Reuters) - European Union leaders unblocked on Thursday a 1.8 trillion euro financial package to help the economy recover from the pandemic-induced recession after reaching a … Europos Komisija palankiai vertina susitarimą dėl 1,8 trln.EUR vertės priemonių rinkinio, kuris padės kurti ekologiškesnę, labiau skaitmeninę ir atsparesnę Europą), (Uniós költségvetés: Az Európai Bizottság üdvözli a zöldebb, digitálisabb és ellenállóbb Európára irányuló, 1,8 billió eurós csomagról született megállapodást), (Il-baġit tal-UE: Il-Kummissjoni Ewropea tilqa' l-ftehim dwar pakkett ta' EUR 1.8 triljun biex jgħin fil-bini ta' Ewropa aktar ekoloġika, aktar diġitali u aktar reżiljenti), (EU-begroting: Europese Commissie ingenomen met akkoord over pakket van 1,8 biljoen euro dat een groener, digitaler en veerkrachtiger Europa tot stand helpt brengen), (Budżet UE: Komisja Europejska z zadowoleniem przyjmuje porozumienie w sprawie pakietu o wartości 1,8 bln euro, który pomoże w budowie bardziej ekologicznej, cyfrowej i odpornej Europy), (Bugetul UE: Comisia Europeană salută acordul privind pachetul în valoare de 1,8 mii de miliarde EUR care va contribui la construirea unei Europe mai verzi, mai digitale și mai reziliente), (Rozpočet EÚ: Európska komisia víta dohodu o balíku v objeme 1,8 bilióna eur, ktorý pomôže vybudovať zelenšiu, digitálnejšiu a odolnejšiu Európu), (Proračun EU: Evropska komisija pozdravlja dogovor o svežnju v vrednosti 1,8 bilijona evrov, ki bo pomagal zgraditi bolj zeleno, bolj digitalno in odpornejšo Evropo), (EU:n talousarvio: Euroopan komissio on tyytyväinen sopimukseen 1,8 biljoonan euron paketista, jolla tuetaan vihreämmän, digitaalisemman ja kestävämmän Euroopan rakentamista), (EU:s budget: EU-kommissionen välkomnar överenskommelsen om ett paket på 1,8 biljoner euro som ska bidra till att bygga ett grönare, mer digitalt och mer motståndskraftigt Europa), (Часът на Европа: възстановяване и подготовка за следващото поколение), (El momento de Europa: reparar los daños y preparar el futuro para la próxima generación), (Chvíle pro Evropu: náprava škod a příprava na příští generaci), (Et vigtigt øjeblik for Europa: Genopretning og forberedelser til den næste generation), (Mitteilung - 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Eiropas atveseļošanas plāna dzinējspēks), (ES biudžetas Europos ekonomikos gaivinimo planui įgyvendinti), (Uniós költségvetés – az európai helyreállítási terv motorja), (Il-baġit tal-UE jmexxi l-pjan ta' rkupru għall-Ewropa), (De EU-begroting als drijvende kracht achter het herstelplan voor Europa), (Um orçamento da UE que potencia o plano de recuperação da Europa), (Un buget al UE care capacitează puterea de acțiune a planului de redresare pentru Europa), (Rozpočet EÚ umožňujúci realizáciu plánu obnovy Európy), (Proračun EU kot gonilo načrta okrevanja za Evropo), (EU:n talousarvio Euroopan elpymissuunnitelman moottorina), (EU-budgeten som motor i den europeiska återhämtningsplanen), (2020 Adjusted Commission Work Programme), (Adjusted Commission Work Programme 2020 - Annexes), Commission proposal for a new long-term EU budget and recovery plan, EU’s next long-term budget & NextgenerationEU - Key facts and figures, Questions and Answers on the agreement on the €1.8 trillion package to help build greener, more digital and more resilient Europe, EU budget: European Commission welcomes agreement on €1.8 trillion package to help build greener, more digital and more resilient Europe, Communication: Europe’s moment: Repair and Prepare for the Next Generation, Communication: The EU budget powering the recovery plan for Europe, Commission Staff Working Document: Identifying Europe's recovery need, Adjusted Commission Work Programme 2020 - Annexes, This site is managed by the Directorate-General for Communication, commission_proposal_for_a_new_long-term_eu_budget_and_recovery_plan, Financing the EU long-term budget and NextGenerationEU, A clear roadmap towards new sources of revenue to help repay the borrowing, Coronavirus Response Investment Initiative, Coronavirus Response Investment Initiative Plus, European Regional Development Fund (ERDF), European Fund for Aid to the Most Deprived (FEAD), grants allocation per Member State (2018 prices), MFF 2021-2027 Breakdown of Cohesion Policy allocations per Member State (2018 prices), MFF 2021-2027 Breakdown of Cohesion Policy allocations per Member State (current prices), MFF 2021-2027 Breakdown of direct payments (within EAGF) per Member State (current prices), MFF 2021-2027 Breakdown of European Agricultural Fund for Rural Development per Member State (MFF only, current prices), Learn about the tendering process and opportunities for doing business with the European Commission, proposal for the EU’s next long-term budget, the temporary recovery instrument NextGenerationEU.

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