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Ursula von der Leyen with David Sassoli and Antonio Costa, the leaders of the 3 main EU institutions, Source: European Commission Facebook page

European Commission is satisfied with the adoption of the Recovery Fund for Europe

European Commission is satisfied with the adoption of the Recovery Fund for Europe

This happened after both the EU Council and the European Parliament adopted the regulation

EU President Ursula von der Leyen congratulated the Council of the European Union and the European Parliament for adopting the long-anticipated Recovery and Resilience Facility (RRF) which is the centrepiece of the NextGenerationEU, also commonly known as the Recovery Fund – the money set aside by European leaders to kickstart the economy, social, cultural and tourism life back into action on the continent after the COVID slump.

President von der Leyen reminded that the overall sum slated for the grand recovery initiative is 750 billion euros. Of these, the RRF package, recently approved, amounts to 672.5 billion euros.

750 billion euros of grants and loans for the 27 member states

The Recovery Fund is meant to supplement the 7-year budget framework of the Union as a necessary lifeline in these trying times of combined health, social and economic emergencies.

And this indeed – NextGenerationEU – is our ally in this fight, and it is our hope in this fight. It is also a unique opportunity for the Member States to work together on our priorities: the European Green Deal, the digitalisation and resilience. NextGenerationEU is more than money. It is a very strong message of solidarity and of trust in the European Union,” said President von der Leyen on the occasion, as quoted on the EU Commission website.

Her words were also a reminder that there are certain expectations of the commitments made by national governments on the principles and values of the future development of the EU.

And indeed, the ball is now passed to the administrations of the 27 member states, which will have to ratify the regulation and then develop their own particular national recovery plans in line with the EU guidelines. The deadline for submitting these plans to the Commission is 30 April, as a rule.

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