recovery fund eu

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 … Spain to channel EU recovery fund money to public-private partnerships, slashes bars’ rent The Spanish government announced a system of public-private partnerships, open to all companies, to channel the EU funds into the economy. European Union countries whose economies have been battered by the coronavirus pandemic are impatiently waiting to get their hands on the recovery fund, sanctioned by the EU. Parliament has also called for a large-scale recovery package to support Europe’s economy after the crisis. 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 - Die Stunde Europas – Schäden beheben und Perspektiven für die nächste Generation eröffnen), (Euroopa võimalus: parandame vead ja teeme ettevalmistusi järgmise põlvkonna jaoks), (Η ώρα της Ευρώπης: ανασύνταξη και προετοιμασία για την επόμενη γενιά), (Communication: L'heure de l'Europe: réparer les dommages et préparer l'avenir pour la prochaine génération), (Europa na djelu: oporavak i priprema za sljedeću generaciju), (Il momento dell'Europa: riparare i danni e preparare il futuro per la prossima generazione), (Eiropas lielā stunda – jāatjaunojas un jāsagatavo ceļš nākamajai paaudzei), (Proga Europai atsigauti ir paruošti dirvą naujai kartai), (Európa nagy pillanata: Helyreállítás és felkészülés – a jövő generációért), (Il-mument tal-Ewropa: Tiswija u Tħejjija għall-Ġenerazzjoni li Jmiss), (Het moment van Europa: herstel en voorbereiding voor de volgende generatie), (Decydujący moment dla Europy: naprawa i przygotowanie na następną generację), (A Hora da Europa: Reparar os Danos e Preparar o Futuro para a Próxima Geração), (Acum este momentul Europei: să reparăm prejudiciile aduse de criză și să pregătim viitorul pentru noua generație), (Správny čas pre Európu: náprava škôd a príprava budúcnosti pre ďalšie generácie), (Čas za Evropo: obnova in priprava za naslednjo generacijo), (Euroopan h-hetki: korjaamalla ja kehittämällä parempaa seuraavalle sukupolvelle), (EU vid ett vägskäl – bygga upp och bygga nytt för nästa generation), (Бюджетът на ЕС осигурява ресурс за плана за възстановяването на Европа), (El presupuesto de la UE: motor del plan de recuperación para Europa), (Rozpočet EU, který je motorem evropského plánu na podporu oživení), (EU-budgettet som drivkraft bag genopretningsplanen for Europa), (Der EU-Haushalt als Motor für den Europäischen Aufbauplan), (ELi eelarve, mis toetab Euroopa majanduse taastekava), (Ο προϋπολογισμός της ΕΕ τροφοδοτεί το σχέδιο ανάκαμψης για την Ευρώπη), (Le budget de l’Union: moteur du plan de relance pour l’Europe), (Proračun EU-a za provedbu europskog plana oporavka), (Il bilancio dell'UE come motore del piano per la ripresa europea), (ES budžets - 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. Businesses, workers, NGOs across Europe are demanding the rapid release of money from both the EU budget and the Recovery Fund. A. A. EU leaders reduced the proposed budget to €1.074 trillion at their summit on 17-21 July. EUR, der skal bidrage til opbygningen af et grønnere, mere digitalt og mere modstandsdygtigt Europa), (EU-Haushalt: Europäische Kommission begrüßt Einigung über ein Paket von 1,8 Billionen EUR zum Aufbau eines grüneren, digitaleren und widerstandsfähigeren Europa), (ELi eelarve: Euroopa Komisjon tunneb heameelt kokkulepe üle, millega eraldatakse 1,8 triljonit eurot keskkonnahoidlikuma, digitaalsema ja vastupanuvõimelisema Euroopa ülesehitamiseks), (Προϋπολογισμός της ΕΕ: Η Ευρωπαϊκή Επιτροπή χαιρετίζει τη σύναψη συμφωνίας σχετικά με δέσμη ύψους 1,8 τρισ. MEPs reiterated that this fund must be added on top of the EU long-term budget and not be to the detriment of existing and future EU programmes. in.gr. EU recovery fund and budget negotiations aren't over yet. Poorer European Union countries and those hardest hit economically by the COVID-19 crisis could obtain up to 15% of their GNI in grants and guarantees from the EU’s proposed recovery instruments. EU leaders consider new proposal in bid to break deadlock on coronavirus recovery fund. A new 2021-2027 Multiannual Financial Framework (MFF) amounting to € 1,074.3 billion was agreed by EU-27 leaders, with a 750 billion Recovery Fund on top. THE EU's recovery fund will face severe delays unless Brussels adopts a rarely used 'eurozone stabilisation procedure', a political commentator has claimed. 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. A recovery fund worth €750bn (£670bn; $825bn) has been proposed by the EU's executive Commission to help the EU tackle an "unprecedented crisis". Will there be a second round of lockdowns? 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. Spain will receive close to €140 billion over the next six years from a €750 billion coronavirus recovery fund that the 27 members of the European Union agreed on in the early hours of Tuesday following a marathon summit in Brussels. The €672.5 billion facility is at the heart of the EU's extraordinary recovery effort, Next Generation EU (NGEU): the €750 billion plan agreed by EU leaders in July 2020. 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 have resolved a bitter dispute with Poland and Hungary to salvage the bloc's landmark coronavirus recovery plan, but argued overnight and into this morning on fighting climate change. The programmes are Horizon Europe, Erasmus+, EU4Health, Integrated Border Management Fund, Rights and Values, Creative Europe, InvestEU, European Border and Coast Guard Agency, Humanitarian Aid. The Commission’s plan for the recovery fund was introduced during the plenary session in May together with a revised proposal for the EU's 2021-2027 budget amounting to €1.1 trillion. In April, European leaders already agreed such a fund is necessary to fuel the economic recovery after the major dip this year caused by the corona crisis. MEPs reiterated that this fund must be added on top of the EU long-term budget and not be to the detriment of existing and future EU programmes. Along with the human cost of lives lost, the hit to the EU economy has been severe. It is a budget fit not only for today's realities but also for tomorrow's uncertainties. Source: European Commission. Share. On Wednesday 27 May, the European Commission was the third to present a plan for the EU recovery fund in less than a week. That followed a frenzy of meetings this week, including an … Brussels, 22. MEP Guy Verhofstadt wants the European Parliament to now deal with the shortcomings of the EU recovery deal (Photo: European Parliament) By Guy Verhofstadt. Ahead of a vote on plans to revise the post-2020 EU budget, the chair of Parliament’s budget committee Johan Van Overtveldt warned the economic recovery would be “slow and gradual” and that the prediction of a 7.5% decline in economic activity this year is a “mild forecast”. 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. Paying it back will be even harder. 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 … Marta Domínguez-Jiménez contributed to this article. The European Union managed to overcome fierce disputes with Poland, Hungary and some other member countries on the conditions for using green recovery funds. What will the mood of investors and consumers be?”, Since the outset, the EU has been mobilising all means available to help member states reinforce their health sectors and mitigate the socio-economic impact of the virus. NextGenerationEU is a €750 billion temporary recovery instrument to help repair the immediate economic and social damage brought about by the coronavirus pandemic. A total of €1.8 trillion will help rebuild a post-COVID-19 Europe. This was the final step in the adoption process following the vote in the European Parliament on 16 December, which endorsed the MFF Regulation with a significant majority. EU recovery fund and the EU budget is positive for the CEE region with the EU transfers into CEE in the 2021-27 period rising vs the prior budget. EU seals deal on massive long-term budget and virus recovery fund. 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. There is so much uncertainty: will there be a relapse? 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. GREEN BOOST. The Dutch Prime Minister Mark Rutte even demanded the right of a single member state to veto the disbursement of the money. Of that €390 billion, around €312.5 billion (80%) will be allocated to the so-called EU Recovery and Resilience Facility. Negotiations on the MFF for the period 2021-2027 were at an advanced state when the coronavirus-induced economic crisis hit the EU. EUR 750 bn EU Recovery Fund: Deal! 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. (Бюджет на ЕС: Европейската комисия приветства постигането на споразумение за пакет от 1,8 трилиона евро, за да се подпомогне изграждането на по-екологична, по-цифровизирана и по-устойчива Европа), (Presupuesto de la UE: la Comisión Europea se congratula del acuerdo alcanzado sobre un paquete de 1,8 billones de euros para ayudar a construir una Europa más ecológica, más digital y más resiliente), (Rozpočet EU: Evropská komise vítá dohodu o balíčku 1,8 bilionu eur, který pomůže vybudovat ekologičtější, digitálnější a odolnější Evropu), (EU-budgettet: Europa-Kommissionen glæder sig over aftale om pakke på 1,8 bio. The 1.82 trillion-euro ($2.21 trillion) seven-year budget and recovery package was meant to come into effect on Jan. 1. On 17 December 2020, the Council decided to adopt the next long-term EU budget for the period 2021-2027. Posted: Dec 10, 2020 / 07:28 AM EST / Updated: Dec 10, 2020 / 07:28 AM EST. 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. cohesion, agriculture, Erasmus, Horizon Europe, etc). EU leaders reduced the proposed budget to €1.074 trillion at their summit on 17-21 July. EU leaders have struck a deal on a landmark coronavirus recovery package that will involve the European Commission undertaking massive borrowing on the capital markets for the first time. On 13 May, MEPs called on the Commission to prepare a contingency plan to avoid disruption for farmers, companies and organisations counting on EU funds in the event that approval of the long-term budget is delayed. He stressed the importance of improving the resilience of the EU economy, and making it better equipped to deal with emergencies like Covid-19: “What it’s all about at the end of the day is what you can achieve to increase the wellbeing and welfare of EU citizens. Regulation Risk Mitigation. There is no more time to lose. Must Read . That’s the only relevant issue.”. On 18 December 2020, the European Parliament and the Council reached an agreement on the Recovery and Resilience Facility, the key instrument at the heart of NextGenerationEU. 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. Jul, 12:00. * The amounts include the targeted reinforcement of ten programmes for a total of €15 billion, compared to the agreement from 21 July 2020. The EU's agreement on a Recovery and Resilience Fund (RFF) to fight the economic consequences of the Covid crisis can be seen as one of the most historic feats of the bloc in recent decades. 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, … A 500bn recovery fund – 3.6% of GDP - that should solely be based on grants. On 18 December 2020, the Council and the Parliament reached a provisional agreement on the Recovery and Resilience Facility (RRF). ευρώ, για την οικοδόμηση μιας πιο πράσινης, πιο ψηφιακής και πιο ανθεκτικής Ευρώπης), (Budget de l'UE: la Commission européenne salue l'accord conclu sur une enveloppe de 1 800 milliards € pour bâtir une Europe plus verte, plus numérique et plus résiliente), (Proračun EU-a: Europska komisija pozdravlja dogovor o paketu od 1,8 bilijuna eura za pomoć u izgradnji zelenije, digitalnije i otpornije Europe), (Bilancio dell'UE: la Commissione europea accoglie con favore l'accordo su un pacchetto di 1800 miliardi di € per contribuire a costruire un'Europa più verde, digitale e resiliente), (ES budžets: Eiropas Komisija atzinīgi vērtē vienošanos par 1,8 triljonu eiro paketi, kas palīdzēs veidot zaļāku, digitālāku un noturīgāku Eiropu), (ES biudžetas. In its resolution adopted on 15 May, Parliament called for a €2 trillion recovery package to address the impact of the coronavirus. Guntram Wolff is Director of Bruegel and a member of the French prime minister’s Conseil d’Analyse Economique. EU Recovery Fund to Provide a Boost to EU Growth. EU leaders have agreed on a landmark 750 billion euro ($860 billion) recovery fund for the reconstruction of the region disrupted by the coronavirus pandemic.. EU recovery fund and budget negotiations aren't over yet. Fitch will consider the European Commission's borrowing to fund NGEU grants as debt of the EU as a supranational entity. To help repair the economic and social damage caused by the coronavirus pandemic, the European Commission, the European Parliament and EU leaders have agreed on a recovery plan that will lead the way out of the crisis and lay the foundations for a modern and more sustainable Europe. Updated 6:05 PM ET, Mon July 20, 2020 . EU coronavirus recovery fund BLOCKED by Hungary and Poland - Brussels in crisis THE European Union was plunged into turmoil today after Hungary … Holding European citizens and values hostage to national ambitions in these difficult times is reckless and irresponsible. NextGenerationEU will also bring additional money to other European programmes or funds such as Horizon2020, InvestEU, rural development or the Just Transition Fund (JTF). The grand EU budget deal reached by the European Council on 21 July 2020, which includes a one-time €750 billion recovery fund named ‘Next Generation EU’ (NGEU), is unprecedented. Anyone can benefit from the EU budget. EU strikes deal on landmark budget, virus recovery fund. To ensure democratic scrutiny and accountability, members insisted on safeguarding Parliament’s role. Source: Conclusions of the European Council of 21 July 2020. The new long-term budget will increase flexibility mechanisms to guarantee it has the capacity to address unforeseen needs. Direct access to language menu (press "Enter"), Direct access to search menu (press "Enter"), Covid-19 recovery fund must be added to EU long-term budget, €2 trillion to rebuild the economy after Covid-19, Van Overtveldt: do not take Parliament’s consent on EU long-term budget for granted (12 May 2020), Parliament President to EU institutions: ‘Be brave on EU recovery plan’ (6 May 2020), Long-term EU budget: MEPs demand safety net for beneficiaries (4 May 2020), Recovery plan must be green and ambitious, say MEPs (21 April 2020), Stepping up EU response to alleviate effects of Covid-19 (17 April 2020), a vote on plans to revise the post-2020 EU budget, climate action is at the core of the post-pandemic recovery, Parliament called for a €2 trillion recovery package, called on the Commission to prepare a contingency plan, Ten things the EU is doing to fight the coronavirus. The 1.82 trillion-euro ($2.21 trillion) seven-year budget and recovery package is considered vital for many European countries whose economies have … The Commission’s plan for the recovery fund was introduced during the plenary session in May together with a revised proposal for the EU's 2021-2027 budget amounting to €1.1 trillion. 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. They also stressed that the package should be focussed on people’s needs. EU heads of state or government reached a political agreement on the package. By LORNE COOK and RAF CASERT December 10, 2020 GMT. The EU fund involves €390 billion in … 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. Parliament is insisting that climate action is at the core of the post-pandemic recovery. It will be a greener, more digital and more resilient Europe. Learn about the tendering process and opportunities for doing business with the European Commission. The coronavirus outbreak is testing the EU in ways that would have been unthinkable only months ago. Post-COVID-19 Europe will be greener, more digital, more resilient and better fit for the current and forthcoming challenges. Van Overtveldt stressed that this must be embedded in the EU's long-term budget: “The recovery fund should be substantial but it should also be part of the next [ budget], for 2021-2027 and not something apart.”, With the EU's current long-term budget set to end in December, Van Overtveldt underlined the importance of a contingency plan in case of failure to reach agreement on the post-2020 budget in time: “When we get into June, time becomes short to get the [budget] approved and up and running in time and a discontinuity of current EU programmes would be very bad for citizens and for the reputation and political coherence of the EU.”, The budget committee chair urged other EU institutions to take note of Parliament’s stance: “The consent of Parliament has to be obtained and that surely is much less a sure thing than it was with the outgoing [long-term budget], so the Commission and Council should take notice of what the Parliament is aiming for. For the Commission to start borrowing, all Member  States must ratify the new Own Resources Decision in line with their constitutional requirements. The European Commission is considering a way to proceed with its €750bn coronavirus recovery fund that will exclude Hungary and Poland. THE EU's recovery fund will face severe delays unless Brussels adopts a rarely used 'eurozone stabilisation procedure', a political commentator has claimed. The Commission put forward its proposal for the EU’s next long-term budget on 2 May 2018. contributions from the Member States based on value added tax (VAT), contributions based on gross national income (GNI).

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