As part of the EU Recovery Plan, the European Commission also adjusted its Work Programme for 2020 in response to the unprecedented coronavirus reality. You can get in contact to arrange a visit, ask questions about the work of both institutions, and request a document, among other services. This proposal will serve as a basis for the leaders’ discussions at the Special European Council on 17-18 July 2020.

Beyond  the  individual  programmes,  the  crisis  has  underlined  how  important  it  is  that  the Union is able to react fast and flexibly to put in place a coordinated European response. Before Tuesday, agreement had been thwarted by deep divisions over the overall size of the recovery fund, the mix of grants and loans, and the conditions that should be attached to.

"We did it! The publication of the Annual Sustainable Growth Strategy launches this year’s European Semester cycle and confirms the EU's aim to pursue a new growth strategy based on the European Green Deal and competitive sustainability. Ministers for economics and finance highlighted the importance of using funds to ensure a sustainable recovery and achieve common policy objectives such as a green and digital transition. The investments will be channelled via a variety of instruments under three pillars, such as: In its 2021 Annual Sustainable Growth Strategy, the Commission set out guidance for the implementation of the Recovery and Resilience Facility. The Own Resources Decision, once adopted, should be approved by Member States as soon as possible, in accordance with their respective constitutional requirements. By James Frater and Michelle Toh, CNN Business, Updated 1456 GMT (2256 HKT) July 21, 2020. Other cookies are used to boost performance and guarantee security of the website. The long-term budget allows the EU to align its spending with political priorities, such as the green and digital transitions. Women bearing brunt of pandemic's economic cost, Powell explains the Fed's mission to boost inflation, UK crashes into deepest recession of any major economy, Jamie Dimon: US needs more government stimulus, He waited over 4 months for unemployment benefits, She's out of work and facing eviction.

We are aware that it is essential to take a decision as soon as possible. European Council President Michel indicated his intention to hold an in-person summit around the middle of July, and to table a proposal ahead of the meeting.
The Commission is also proposing to reinforce other programmes to allow them to play their full role in making the Union more resilient and addressing challenges brought along by the pandemic and its consequences. Europe is united," European Council President Charles Michel said at a press conference Tuesday. EU leaders discussed via video conference the 2021-2027 EU budget and a recovery plan to respond to the COVID-19 crisis. Ever since February, we have not been able to come to some type of agreement," he said. "Now we have the [budget], we have the recovery fund and this amounts to almost 2% of the EU GDP.". During the video conference of the members of the European Council, EU leaders decided to work towards establishing a recovery fund. The COVID-19 pandemic has tested our societies and economies in unprecedented ways. Concretely, this means: repairing the damage caused by COVID-19, reforming our economies, remodelling our societies.
There had been bitter rows over some of the terms of the deal during the last few days. Together with the €540 billion of funds already in place for the emergency safety nets (for workers, for businesses and for member states), the overall EU's firepower to support the recovery amounts to €2 364.3 billion. The other amounts are top-ups to programmes funded under the multiannual financial framework. The funds will go to areas where they can make the greatest difference, complementing and amplifying the essential work under way in the Member States.

These are, among others, Horizon Europe, the Neighbourhood, Development and International Cooperation Instrument (NDICI), Humanitarian Aid Instrument, Digital Europe Programme, Connecting Europe Facility, Common Agricultural Policy, Instrument for Pre-Accession Assistance (IPA), etc. Updated 19:06, 17-Sep-2020 Aden-Jay Wood Europe; Share . The EU’s long-term budget is at the heart of the recovery plan for Europe.

These were, of course, difficult negotiations in very difficult times for all Europeans.

The plans will be reviewed and adapted as necessary in 2022 to take account of the final allocation of funds for 2023. But the volume of grants had been vehemently contested during the summit. Ministers broadly welcomed the new EU4Health programme and its objectives.

Copied. This is a strong deal. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The General Secretariat of the Council is a body of staff responsible for assisting the European Council and the Council of the EU. Infographic - Next Generation EU – COVID-19 recovery package.

"Near term, the confidence effect can matter even more than the money itself.". Spain's Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (center) and German Chancellor Angela Merkel (right) looking at documents during the EU summit in Brussels on Monday. EU Green Recovery plan could support 2.3 GW of Spanish solar project capacity Three big projects are candidates for support from the Covid recovery plan … To provide the EU with the necessary means to address the challenges posed by the COVID-19 pandemic, the European Commission will be authorised to borrow funds on behalf of the Union on the capital markets up to the amount of €750 billion (in 2018 prices). The Commission remains fully committed to delivering on its flagship initiatives, the twin green and digital transitions, which are key to relaunching the European economy. The President of the European Council issued a statement indicating he would consult with member states ahead of the next European Council scheduled for 19 June. Meeting physically in Brussels, EU leaders agreed on a €750 billion recovery effort to help the EU tackle the crisis caused by the COVID-19 pandemic and on a €1074 billion long-term EU budget for 2021-2027.

Certain cookies are used to obtain aggregated statistics about website visits to help us constantly improve the site and better serve your needs. To support our natural ecosystems, the European Commission recently adopted a, To help Member States generate tax revenue, the Commission will step up the, As Europe sets off on its recovery path towards a greener and digital economy, the need to improve and adapt skills, knowledge and know-how becomes all the more important. The Recovery and Resilience Facility and ReactEU will be entirely funded by Next Generation EU. It was clear that the recovery would require a joint effort at EU level: EU leaders decided to work towards establishing a recovery fund. The recovery effort (...) is significant, focused and limited in time. With your permission, we will use AT internet cookies to produce aggregated, anonymous data about our visitors' browsing and behaviour on our website. The EU will use the funds borrowed for the sole purpose of addressing the consequences of the COVID-19 crisis, via the Next Generation EU (NGEU) recovery effort. The agreement came just hours after Michel had presented a new proposal to political leaders on Monday. EU agrees on 'historic' economic recovery plan, How Obama and Trump administrations compare on unemployment, Airline furloughs loom for thousands of workers, Furloughed worker: 'I'm at the top of the roller coaster with no harness', Another 870,000 Americans filed first-time jobless claims, Mom juggling work and remote learning: I can't maintain this, Pandemic exposes harsh reality for small business owners. Related payments will be made by 31 December 2026. Committees and working parties handle the preparatory work on files before they are discussed at Council meetings. The press office holds press events, offers audiovisual coverage of major events and provides facilities for journalists. To help repair the economic and social damage brought by the coronavirus pandemic, kick-start European recovery, and protect and create jobs, the European Commission proposed on 26 May a major recovery plan for Europe based on harnessing the full potential of the EU budget. It was "more than 90 hours, but it was worth it," European Commission President Ursula von der Leyen told reporters Tuesday.

On 9 April 2020, the Eurogroup put forward a €540 billion emergency support package for jobs and workers, businesses and member states. Now we shift to another phase: we will negotiate. Disclaimer. The Commission strongly encourages Member States to include investments and reforms in green and digital to create sustainable jobs and growth. We will use this data to improve your experience on our website.

NGEU will be channelled through seven programmes in the form of loans (€360 billion) and grants (€390 billion): Legal commitments will be made by 31 December 2023. The meeting of the EU top brass was the first major in-person gathering of world leaders since the pandemic started — and the negotiations ran for four days and nights. On 21 July 2020, EU leaders agreed on a comprehensive package of €1 824.3 billion which combines the €1 074.3 billion multiannual financial framework (MFF) and an extraordinary €750 billion recovery effort, Next Generation EU (NGEU). Find out what the Recovery and Resilience Facility is, how much money it will make available, and what types of reforms and investment it will finance. From the early days of the pandemic, the EU took action to tackle the crisis. Council and European Council documents are made available through the public register, in accordance with EU rules on transparency. The press office is the first point of contact for all media requests.