Fourteen EU countries have submitted stimulus packages, 13 remain to be done –


The European Commission has received National Recovery and Resilience Plans (RRP) from 14 countries to access the Union’s € 750 billion recovery fund. 13 of the 27 EU Member States are still missing from the list.

“The Commission has received a total of 13 recovery and resilience plans, from Belgium, Denmark, Germany, Greece, Spain, France, Italy, Latvia, Luxembourg, Austria, Portugal, Slovakia and Slovenia, ”the European executive declared on Monday (May 3).

These were supplemented on Monday evening by Poland, which requested a total of 23.9 billion euros in FRR grants and 12.1 billion euros in loans, the European Commission said.

Days after the indicative deadline for countries to submit national plans with the reforms they intend to carry out under EU post-crisis funding for COVID-19, which expired on Friday, Brussels stated that she “will continue to work closely with each other. Member States to help them develop high quality plans ”.

Last Friday, the supposed deadline, the Commission received the ‘official recovery and resilience plans from Belgium, Denmark, Spain, Italy, Latvia, Luxembourg, Austria and Slovenia ”.

The European Commission says that these European funds will play “a crucial role in helping Europe emerge stronger from the crisis and ensure green and digital transitions”.

The EU executive now has two months to assess the plans, based on eleven criteria, including a target of devoting at least 37% of spending to investments and reforms that support climate goals, and 20% to digital transition. .

Last week, just before Friday’s deadline, the finance ministers of Germany, France, Italy and Spain urged member states to submit their stimulus plans and urged the Commission European Union to speed up the assessment of investment and reform proposals.

“Time is running out, as other colleagues have already said, and early approval of plans will be essential to ensure that our actions at the national level continue to interact and strengthen those of our neighbors,” said Nadia Calviño of the ‘Spain.

In mid-April, the Portuguese government handed over its national RRP to the European Commission via the official IT platform, becoming the first EU member state to provide the final version.

According to the government, the Portuguese document provides for projects worth 16.6 billion euros, including 13.9 billion euros in non-repayable grants, with the “open” possibility of 2.3 billion euros additional loans.

At stake is the recovery and resilience mechanism, valued at € 672.5 billion (at 2018 prices) and a central element of the “Next Generation EU”, the € 750 billion fund approved by the European leaders in July 2020, the main instruments of the EU. economic recovery after the crisis caused by the COVID-19 pandemic.

The stimulus fund faces new obstacles with the first disbursements

The European Commission may find it difficult to transfer the first tranche of recovery funds to all member states according to its schedule, as most plans are expected to be approved at the same time and the ability to borrow in the markets will be limited.

[Editing and additional reporting by Frédéric Simon]


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