Green light from all EU Member States for Europeans recovery spending

The Council of the European Union has received formal notifications about the approval of the own resources decision from all 27 EU Member States. Now national ratifications being completed, the EU can now start making available funds under the Recovery and Resilience Facility. With a financial envelope of 672.5 billion euro, the facility is the central part of Next Generation EU, the EU instrument for economic recovery from the COVID-19 pandemic.

After adopting the own resources decision on 14 December 2020, the EU Council completed the list of received formal notifications on 31 May 2021. For the decision to enter into force, member states had to approve it in line with their constitutional requirements.

The completion of the ratification process allows the EU to start borrowing funds on the capital markets already in June 2021. Pre-financing of 13 per cent of the total amount allocated to each member state will be made available to national governments after the approval of their recovery and resilience plans.

Once the national governments submit their plans, it is for the European Commission to assess them within two months. The Council has then four weeks to approve each plan by means of an implementing decision. The rest of the funds will be disbursed taking into account the achievement of the milestones and targets set in the national recovery and resilience plans.

Source: commonspace.eu with the Council of the European Union

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
US and Ukraine sign deal giving US access to country’s valuable mineral wealth

US and Ukraine sign deal giving US access to country’s valuable mineral wealth

The United States and Ukraine have signed a minerals deal after a two-month delay, in what President Donald Trump's administration called a new form of US commitment to Kyiv after the end of military aid. Ukraine said it secured key interests after protracted negotiations, including full sovereignty over its own rare earths, which are vital for new technologies and largely untapped. Trump had initially demanded rights to Ukraine's mineral wealth as compensation for US weapons sent under former president Joe Biden after Russia invaded just over three years ago.

Popular

Editor's choice
News
US and Ukraine sign deal giving US access to country’s valuable mineral wealth

US and Ukraine sign deal giving US access to country’s valuable mineral wealth

The United States and Ukraine have signed a minerals deal after a two-month delay, in what President Donald Trump's administration called a new form of US commitment to Kyiv after the end of military aid. Ukraine said it secured key interests after protracted negotiations, including full sovereignty over its own rare earths, which are vital for new technologies and largely untapped. Trump had initially demanded rights to Ukraine's mineral wealth as compensation for US weapons sent under former president Joe Biden after Russia invaded just over three years ago.