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. cohesion, agriculture, Erasmus, Horizon Europe, etc). News EU breaks deadlock on budget, coronavirus recovery fund. 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. contributions from the Member States based on value added tax (VAT), contributions based on gross national income (GNI). The big challenge will be to find the right balance.”. The text also stipulates that the mechanism only applies to the 2021-2027 EU budget and recovery fund, and that "the European Council will strive to formulate a common position" should a country facing penalties request a discussion of its case. 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. The commission said it expects the whole 750 billion-euro recovery effort agreed by EU leaders to deliver a … 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. 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. The … 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. It is not so much the size and imminent economic impact that is so consequential but rather the symbolism for European solidarity. EU breaks deadlock on budget, coronavirus recovery fund Leaders have agreed to pass the new budget and coronavirus recovery fund, including holdouts Hungary and Poland. EU €750 billion Covid recovery fund comes with green conditions Published on 27/05/2020, 2:37pm. EU recovery fund and budget negotiations aren't over yet. On Wednesday 27 May, the European Commission was the third to present a plan for the EU recovery fund in less than a week. 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. 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. The EU’s long-term budget, coupled with NextGenerationEU, the temporary instrument designed to boost the recovery, will be the largest stimulus package ever financed through the EU budget. By James Frater , CNN Business. (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. 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. 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. They also stressed that the package should be focussed on people’s needs. 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. Holding European citizens and values hostage to national ambitions in these difficult times is reckless and irresponsible. Earlier, on 18 May, Germany and France (through its respective leadership) presented a joint recovery plan for Europe. Along with the human cost of lives lost, the hit to the EU economy has been severe. 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 … EU27 leaders agreed on: — EUR 750 bn recovery fund. On 10 November 2020, the European Parliament and the Council reached an agreement on the package. 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. Share. 3 | July 21, 2020 EU Monitor Lagarde who said that “the EU steps up and comes together to help the people of Europe.”4 Our main takeaways In a press conference on Tuesday morning, President Michel presented the hard won results. EU heads of state or government reached a political agreement on the package. MEP Guy Verhofstadt wants the European Parliament to now deal with the shortcomings of the EU recovery deal (Photo: European Parliament) By Guy Verhofstadt. … 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. 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. It is a budget fit not only for today's realities but also for tomorrow's uncertainties. EU leaders consider new proposal in bid to break deadlock on coronavirus recovery fund. 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.. 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. The 1.82 trillion-euro ($2.21 trillion) seven-year budget and recovery package is considered vital for many European countries whose economies have … 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. 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. NextGenerationEU will also bring additional money to other European programmes or funds such as Horizon2020, InvestEU, rural development or the Just Transition Fund (JTF). 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. EU leaders reduced the proposed budget to €1.074 trillion at their summit on 17-21 July. 22 Δεκεμβρίου 2020, 23:21 . Just throwing money around is never a solution. MEPs called on 15 May for a €2 trillion fund, built into the EU’s next long-term budget, which puts Europeans at the heart of the Covid-19 recovery. Follow the latest progress and get involved. More than 50% of the amount will support modernisation, for example through: In addition, the package pays attention to, All amounts in € billion, in constant 2018 prices. 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, … EU inches toward landmark budget, virus recovery fund deal News. 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. 1. "The 25 EU member states could set up the recovery fund in accordance with this model, and even integrate the European Commission," Thiele says. Fitch will consider the European Commission's borrowing to fund NGEU grants as debt of the EU as a supranational entity. Brussels, 22. Jul, 12:00.

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