The leap forward was made by the Franco German axis, when on May 18, 2020, they came up with a proposal, an aid package of 500 billion of euros in grants, that would give liquidity to member states affected by the crisis. The Council of the EU is the institution representing the member states' governments. [29], The money borrowed in the name of the EU is to be used for 390 billion € in relief grants and 360 billion € in longer-duration loans[30] and will be repaid in 2028-2058. The comprehensive packages of NGEU and MFF will reach the size of 1824.3 billion €. Member States are encouraged to submit a preliminary draft plan from 15 October 2020. Click here for direct download [35], An overall climate target of 30% will apply to the total amount of expenditure from the MFF and NGEU in compliance with the Paris climate accord[36] and in line with the objectives of the European Green Deal, the flagship initiative to address the climate emergency. As a comparison, the European "Green Deal", which was presented in November 2019 and was to extend over a decade, was a €1,000 billion package. The budgetary authority would not however determine annual expenditure of Next Generation EU in the budgetary procedure since financing would be based on external assigned revenue. Next Generation EU is the ambitious plan to help European Union member states recover, repair and emerge stronger from the Covid-19 crisis. [37], NGEU is a push to a unified European fiscal policy. El Fondo de Recuperación Next Generation EU nace como respuesta contundente a los estragos causados por el COVID-19 en la economía. On the basis of the extensive consultations held at the level of the President of the European Council and the work done in the Council, the conclusions present a balanced solution catering for the interests and positions of all Member States. The remaining 30% shall be committed in 2023. 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. The Union would issue debt to be spent during the next few years as grants, mostly under environmental, agricultural and cohesion policies. Next Generation EU with a total amount of EUR 750 bn, as well as targeted reinforcements to the long-term EU budget for 2021-2027, will bring the total financial firepower of the EU budget to EUR 1.85 trillion. With your permission, we will use AT internet cookies to produce aggregated, anonymous data about our visitors' browsing and behaviour on our website. It is a proposal worth 750 billion euros, a common ground between the 1000 billion asked by the most hit countries, such as Italy and Spain, and the 500 billion proposed by France and Germany. Also known informally as the EU Council, it is where national ministers from each EU country meet to adopt laws and coordinate policies. The "Next Generation EU" package, running to €750 billion, will be used for investing in a green, digital and resilient EU. Aus Sicht der WKÖ positiv ist die Erhöhung der Programme HORIZON Europe (+ 4 Mrd. [21], The EU has launched the Covid-19 Recovery Plan for several objectives. You can also take a look at Council publications, access the archives and search for legislation that the Council negotiates together with the European Parliament. I. The firepower of Next Generation EU would amount to €750 billion and reinforce a 2021-2027 MFF worth €1.1 trillion, bringing the total amount of resources channelled through EU budgetary instruments to €1.85 trillion over the entire programming period (all figures in this Single market / COMMENTARY Malcolm Harbour . It takes the form a large European loan amounting to 750 billion euros. [46] Eventually the European Council will politically approve the proposals voted by qualified majority.[47]. The headquarters of the Council of the EU and the European Council are located in Brussels (Belgium). Such as research and innovation, via Horizon Europe, fair climate and digital transitions, via the Just Transition Fund and the Digital Europe Programme, preparedness, recovery and resilience, via the Recovery and Resilience Facility, rescEU and a new health programme, EU4Health.[25]. [2], On March 2020 Europe was struck by its first wave of covid-19 epidemic, which originated in china. Member states need to comply with the objective of EU climate neutrality by 2050. Press officers speak 'off the record' about the Council's activities. Existing estimates, including my earlier ones, allocated these 2018 price amounts across countries, or reported the yearly breakdown of the total, but did not include the yearly breakdown per country in current prices in euros. The European Council brings together EU leaders at least four times a year. Quali sono le procedure? Die Investitionen sollen in grüne Sektoren sowie in die Digitalisierung fließen, um die Wirtschaft nachhaltig widerstandsfähiger zu gestalten. The money for Next Generation EU will be raised through the temporary lift of the own resources ceiling to 2% of EU Gross National Income. The European Council is the EU institution that defines the general political direction and priorities of the European Union. The Commission working document concerning the new Next Generation EU (NGEU) recovery instrument (1) refers to funding allocation key (p. 51) for an amount of EUR 750 billion. On an economic point of view the spreading of the virus across Europe plunged the continent in a deep economic crisis, national economies were not functioning well due to the widespread lockdown. Because of hurdles in designing, approving and implementing European Union programmes, less than a quarter of the €438 billion in grants planned under the new EU recovery instruments is expected to be spent in the next two and a half years, when recovery needs will be greatest. NextGenerationEU is a €750 billion temporary recovery instrument to help repair the immediate economic and social damage brought about by the coronavirus pandemic. Recovery and Resilience Facility: €672.5 billion … Committees and working parties handle the preparatory work on files before they are discussed at Council meetings. Exception to the budgetary principle of universality, assigned revenues flatten at 10.5 % in last years. Post-COVID-19 Europe will be greener, more digital, more resilient and better fit for the current and forthcoming challenges. It is an ambitious and comprehensive package Wie der brutkasten berichtete, machte die EU-Kommission nun unter dem Titel Next Generation EU einen konkreten Vorschlag zu einem 750 Milliarden Euro Corona-Konjunkturprogramm. We use cookies in order to ensure that you can get the best browsing experience possible on the Council website. The Next Generation EU (NGEU) recovery response to the Covid-19 crisis, one of the most ambitious EU integration projects so far, risks foundering over differences of procedure that ought to guarantee the link between observing the rule of law and disbursing EU funds. [9] On the 15 may also the ESM stepped in and created the “pandemic crisis support”. All of the money raised through Next Generation EU and the new EU budget will be channelled through EU programmes. In addition to the aforementioned issues, the package also focuses on modernizing traditional policies such as cohesion and the common agricultural policy, to maximize their contribution to the Union's priorities, fighting climate change, with 30% of the EU funds, the highest share ever of the European budget and biodiversity protection and gender equality. [40] But instead of this, the budget deal provides NGEU-skeptical Germany and the so-called Frugal Four Denmark, the Netherlands, Austria and Sweden with even larger rebates, in total 53.2 billion €[41] for the 2021–2027 budget period financed by all Member States according to their GNI. The funding raised for Next Generation EU, in total €750 billion, will be invested across three pillars. Three-quarters of Next Generation EU payments will have to wait until 2023. Next Generation EU will raise money by temporarily lifting the maximum amount that the EU can request from Member States to cover its financial obligations to 2.0% of EU Gross National Income. An unprecedented exercise in solidarity, European Economic and Social Committee", "European Council conclusions, 17-21 July 2020 - Consilium (europa.eu)", "Hungary and Poland block EU's COVID-19 recovery package over new rule of law drive, Euronews", "Cronistoria coronavirus COVID-19 - Consilium (europa.eu)", "RECOMMENDATION on the draft Council regulation laying down the multiannual financial framework for the years 2021 to 2027 (europa.eu)", "European Commission, official website (europa.eu)", https://ec.europa.eu/info/strategy/recovery-plan-europe_en#:~:text=The%20aim%20is%20to%20mitigate,the%20green%20and%20digital%20transitions, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52020DC0456&from=EN, https://www.consilium.europa.eu/en/policies/eu-recovery-plan/, While EU leaders squabble, the Elephant in the Room remains unnoticed, COVID-19: Council agrees its position on the Recovery and Resilience Facility, The history of national rebates in the EU, What EU leaders really decided on rule of law, Council agrees position on the Recovery and Resilience Facility, Follow-up session of the European Council in autumn 2020, "See No Evil. From. [5], The European institutions, although slowly and after brief hesitation, agreed and adopted different measures to tackle the economic crisis and help the member states. [16] In the first place, the “frugal four” wanted to reduce the amounts of grants and asked for stronger conditionality for the expenditure of the funds, furthermore there were concerns on which programs to fund, the frugal four wanted more funds on R&D, Digital Economy and Green investments, while the “Friends of Cohesion” (Southern and Eastern European Members) wanted the allocation to Cohesion Funds to be the same. Jean Pisani-Ferry calls this “breaking a taboo”. We will use this data to improve your experience on our website. Total: €750 billion. Our exercise shows that it would be worthwhile considering a more permanent macroeconomic stabilisation mechanisms in the future to allow the EU/Eurozone economies to respond more effectively to any future shock. The NGEU fund goes over the years 2021–2023 and will be tied to the regular 2021–2027 budget of the EU (MFF). The Commission’s proposal for Next Generation EU and the long-term budget provides significant resources 22 to support youth employment, as part of a major budgetary initiative to tackle the economic and social impact of the pandemic. This brings the total of the JTF to €40 billion (instead of the initial €7.5 billion). Date . Standards are rarely … To get more information about these cookies, how and why we use them and how you can change your settings, check our cookies policy page. The Council adopted on 11 February 2021 the regulation establishing the Recovery and Resilience Facility (RRF). [4] Date: Tuesday, 9 June, 2020 - 00:00. The RRP must outline how each member state intends to use these investments to contribute to the green and digital priorities foreseen by the Commission. Repayment period until 2058. The Council of the EU and the European Council work on a wide range of issues affecting the interests of the EU and its citizens. [34], €5 billion is earmarked to counter unforeseen Brexit-effects in member states. Agenda about Next Generation Internet. The Next Generation EU package provides more resilience over the medium term to the EU/Eurozone economies than countercyclical support over the near-term. Increased funding for InvestEU – the second pillar of the mechanism – will also be provided. Next Generation EU – COVID-19 recovery package. Inter Econ. The one-time Recovery fund NGEU, eventually set up on the European summit in July 2020, aims to repair at least part of the damage caused by the COVID-19 pandemic whilst supporting the Union’s green and digital long-term objectives. 25% des gesamten EU Budgets sollen klimarelevante Investitionen sein. It helps organise and ensure the coherence of the Council's work and the implementation of its 18-month programme. On 21 July 2020, after four days of negotiation, the European Council agreed to a massive EU recovery fund of 750 billion € (in 2018 constant prices) branded NextGenerationEU (NGEU) in order to support member states hit by the COVID-19 pandemic. On the 19th of March 2020 the Commission adopted a temporary framework allowing Member states to have flexibility in order to support their national economy with state aid recovery packages[8] followed a couple of days later by the Council, which agreed on more flexibility on fiscal rules “by initiating the general escape clause of the stability and growth pact”. Retrieved on March 4, 2021, from European Council: Post-Brexit United Kingdom relations with the European Union, European Union response to the COVID-19 pandemic, Article 7 of the Treaty on European Union, Special European Council, 17-21 July 2020 - Main results, "WHO says Europe is new epicenter of coronavirus pandemic", "Lockdown policies and the dynamics of the first wave of the Sars-CoV-2 pandemic in Europe, Journal of European Public Policy", "Tutte le divisioni nell'Unione europea sulla risposta alla crisi da Covid-19", "ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) (europa.eu)", "Pandemic emergency purchase programme (PEPP) (europa.eu)", "Competition - State aid - State aid rules and coronavirus - European Commission (europa.eu)", "Thomas Plümper & Eric Neumayer (2020): Lockdown policies and the dynamics of the first wave of the Sars-CoV-2 pandemic in Europe, Journal of European Public Policy, DOI", "ESM Pandemic Crisis Support, European Stability Mechanism", "The EU can't agree on how to help Italy and Spain pay for coronavirus relief", "coronavirus, la Ue si spacca sui Covid-bond: lo scoglio debiti", "France, Germany propose €500B EU recovery fund", "Next Generation EU recovery plan. [6] On June 4, 2020, the ECB decided to extend this program and added 600 billion to it, for a total of 1,350 billion of euros. [7] To help do this in a fair and shared way, the Commission will propose a number of new own resources. Im grotesken EU-Marketing-Sprech wird das „Next Generation EU“ genannt. Follow the latest developments on policy-making and on legislation under negotiation. [24], The third objective is modernizing the EU facilities. Council and European Council documents are made available through the public register, in accordance with EU rules on transparency. Its aim is to boost public investment with a three-pronged objective: (i) to boost aggregate demand; (ii) to support the most hard-hit countries in the pursuit of cohesion; and (iii) to strengthen the economic growth potential of the Union (e.g. Still, the EGD means first of all raising not only public but private investment – it will not all be coming from the EU budget. Therefore, more than 50 percent of supporting for the plan will be spent on modernization. From mid-March 2020 all member states of the E.U. [15], Regardless a first failed attempt, at the European council meeting on 17 July 2020, an agreement upon the recovery package and the MFF 2021-2027 was reached. Recovery Plan for Europe. Find out more about documents and publications. Certain cookies are used to obtain aggregated statistics about website visits to help us constantly improve the site and better serve your needs. Total: €750 billionLegal commitments to be made by 31 December 2023.Payments to be made by 31 December 2026. The initial response of Europe to the outbreak of COVID-19 in March 2020 was haphazard. Next Generation EU, the unprecedented fiscal package adopted by the European Council this summer, is a commendable endeavour. In July 2020, the European Commission announced its €750 billion package to revive the postpandemic European economy, Next Generation EU. This “Recovery Fund” package would be acquired by the Commission, which would borrow the money on financial markets, incorporate it in the EU budget and distribute it to the member states. Next Generation EU of €750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to €1.85 trillion. A European instrument to counter the impact of the coronavirus pandemic . Multiannual financial framework (MFF): 1074.3; Next Generation EU: 750; Climate and digital mainstreaming: Climate: target 30% of spending across all programmes; Digital: priority across all programmes, and 20% of the Recovery and Resilience Facility Although the rules on liability sharing for Next Generation EU prevent a significant mutualisation of the debt, European leaders have taken the long-recognised significant first step towards European financial and political unification that stands in stark contrast to the misguided austerity programmes during the European sovereign debt crisis. This will allow the Commission to use its strong credit rating to borrow €750 billion on the financial markets. In mid-March, Christin Lagarde, at the head of the ECB, adopted the “Pandemic Emergency Purchase Program” (PEPP), which is a temporary purchase program of 750 billion of euros to deal with the pandemic emergency. The first and hardest hit country in the European Union was Italy, immediately settling the contaminated zones in lockdown, putting health concerns over financial concerns. You can get in contact to arrange a visit, ask questions about the work of both institutions, and request a document, among other services. COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS. The press office holds press events, offers audiovisual coverage of major events and provides facilities for journalists. Investing in a green, digital and resilient EU. Erstmals nimmt die EU gemeinsam Schulden in der Höhe von 750 Milliarden Euro auf. Date: 22/07/2020 . Quando arriveranno i soldi? In the short term, REACT-EU 23 will endow cohesion policy funding with EUR 55 billion for 2020-22. Type . In addition to Next Generation EU, the Commission is proposing a revamped EU budget, amounting to some €1 100 billion between 2021-2027. Quali i progetti finanziabili? Next Generation EU is intended to finance the national recovery plans implemented by the 27 EU Member States to face the pandemic crisis. EU Budget und Aufbaufond "Next Generation EU" beschlossen facebook facebookMessenger whatsapp twitter mail pocket Wir würden hier gerne eine Newsletter Anmeldung zeigen. [10], After a while it came clear that the different measure implemented were not enough to fight the economic crisis caused by the pandemic, debates on how to deal with situation led to a confrontation between Northern and Southern European member states. Eueopean Council, (February 2021). [18] Finally, on November 10, 2020, the European parliament and the council reached a definitive agreement which integrates the 2021-27 MFF of 1074,3 billion euros and the temporary instrument for recovery “Next generation EU “of 750 billion euros. Member states will be provided loans and grants in frontloaded financial support for the crucial first years of the recovery. Verwey et al. NEXT GENERATION EU A1. [1], The NGEU deal is unprecedented as for the first time in its history, the EU will issue European sovereign bonds to allocate grants and loans to its member states paying it off by generating own resources through direct taxation, considered the first step into a fiscal integration in Europe. This huge recovery fund would be integrated in the EU budget for a total of 1.85 trillion euros. saw their national debt and public spending raise, mainly due to the increasing expenditure of national healthcare and health related products, and in order to tackle the economic crisis. The European recovery plan, named Next Generation EU, was launched in the heart of the pandemic crisis that began in early 2020. The funds raised will need to be repaid through future EU budgets - not before 2028 and not after 2058. This way, the Commission will be able to take advantage of its particularly strong credit rating in order to borrow €750 billion on the financial markets for Next Generation EU. The Next Generation EU and the EU’s budget for the period 2021-2027, approved on November 10, 2020, represent the biggest economic aid package ever financed by the EU. The socio-economic impact of the coronavirus pandemic across the European Union (EU) is posing significant challenges, not least to the good functioning of the single market and the euro area. Brussels. [31] The package seems large, but will have a net fiscal effect across the Eurozone of just 1% annually. The exceptional nature of the economic and social situation due to the COVID-19 crisis requires exceptional measures to support the recovery and resilience of the economies of the Member States. In the years to follow additional own resources are planned[38] for repayment of NGEU borrowing. [11] This measure was endorsed by 7 other member states, France, Belgium, Greece, Portugal, Ireland, Slovenia, and Luxemburg. [14] On May 27, 2020, the Commission presents the “Next Generation EU” plan. 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A2. [43] Any conditionality concerning the governments of Poland and Hungary, accused of repeated breach of Article 7 of the Treaty on European Union, is avoided. The Next Generation EU proposal stands in remarkable contrast to this traditional reading. [12] However, the so called “Frugal Four” (Austria, Sweden, the Netherlands,[13] and Denmark) led by Germany refused this proposition, scared that they would have to repay their debt in case of default. The next-generation IoT and edge computing are of great strategic importance for European industry in the data economy. The primary objective is to help its Member States in order to repair the immediate economic and social damages caused by the coronavirus pandemic. Investing the money . In the emergency European Recovery Instrument, “Next Generation EU”, put forward by the Commission EUR 500 billion are external assigned revenue. Gradually, also other Member States entered in the first stage of the pandemic and on 17 March 2020 all the member states had reported cases of covid-19. The Next Generation EU programme is a package of European Union funds aimed at repairing the immediate economic and social damage caused by the COVID pandemic. The programme comprises a number of loans and grants that will be funded by taking out European debt. In general, most Member states adopted similar measures in order to tackle the economic crisis, by providing substantial aid packages to businesses and enterprises. [27], NGEU is limited in time: 70% of the grants provided by the Recovery and Resilience Facility (RRF) will be committed in the years 2021 and 2022. In July 2020, the European Commission announced its €750 billion package to revive the postpandemic European economy, Next Generation EU. [32] 672.5 billion € will be allocated to the RRF post-covid19 EU reconstruction programme as the main instrument,[33] the remaining 77,55 billion € through existing EU programmes.

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