The Commission has adopted its first annual report on the implementation of the Recovery and Resilience Facility (RRF), the centrepiece of NextGenerationEU. The RRF is providing up to €723.8 billion (in current prices) of grants and loans to Member States to support transformative investments and reforms that will enable the EU to emerge stronger from the COVID-19 pandemic.
One year on from its introduction, the report takes stock of the progress made in the implementation of the Facility, from the adoption of the RRF Regulation in February 2021 to the disbursement of the first regular payment in December 2021. The report shows that major headway has been made and confirms that the implementation of the RRF is well underway. The report details numerous examples of the investments and reforms financed by the RRF in the 22 recovery and resilience plans that have been adopted so far. These examples present concrete measures that are contributing to the six policy pillars defined in the RRF Regulation, including the green transition and the digital transformation. The report therefore provides an important insight into the unprecedented scale and impact of the measures that are being implemented across the EU as a result of the RRF. (...)
One year on from its introduction, the report takes stock of the progress made in the implementation of the Facility, from the adoption of the RRF Regulation in February 2021 to the disbursement of the first regular payment in December 2021. The report shows that major headway has been made and confirms that the implementation of the RRF is well underway. The report details numerous examples of the investments and reforms financed by the RRF in the 22 recovery and resilience plans that have been adopted so far. These examples present concrete measures that are contributing to the six policy pillars defined in the RRF Regulation, including the green transition and the digital transformation. The report therefore provides an important insight into the unprecedented scale and impact of the measures that are being implemented across the EU as a result of the RRF. (...)
Commission presents fiscal policy guidance for 2023
The Commission has adopted a Communication providing Member States with guidance on the conduct of fiscal policy in 2023. It sets out the key principles that will guide the Commission's assessment of Member States' stability and convergence programmes. It also provides an overview of the state of play on the economic governance review.
The Commission has adopted a Communication providing Member States with guidance on the conduct of fiscal policy in 2023. It sets out the key principles that will guide the Commission's assessment of Member States' stability and convergence programmes. It also provides an overview of the state of play on the economic governance review.
The Communication is presented in the context of Russia's unprovoked and unjustified invasion of Ukraine. In solidarity with Ukraine, the EU has approved an unprecedented package of economic sanctions that will have a severe impact on the Russian economy and political elite. The 2022 Winter Economic Forecast was published on 10 February, two weeks before the invasion of Ukraine. This development negatively impacts the growth outlook and tilts the risks further to the downside. It also further underscores the need for strong coordination of economic and fiscal policies, and for fiscal policies to be adapted in reaction to rapidly changing circumstances. The guidance will be adjusted to economic developments as needed. (...)
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