| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1449 |
| Publication Date | 25/05/2024 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2024/1449 - adopted by the co-legislators on 14 May 2024 - establishing the Reform and Growth Facility for the Western Balkans. Further information:Insufficient socio-economic convergence between the Western Balkans and the European Union (EU) is deemed a long-standing issue, exacerbated by the economic impact of Russia's invasion of Ukraine and COVID-19 (coronavirus) pandemic. A higher degree of convergence is seen as way to further facilitate the integration of the region into the EU. Economic convergence is at the heart of EU membership benefits, and due to the specificities of the region, progressive integration with the EU's single market prior to accession might be able to unlock some of the benefits earlier. On that basis, the European Commission developed a Growth Plan for the Western Balkans, based on a number of pillars. The Reform and Growth Facility serves as the centrepiece of the Growth Plan, increasing financial assistance based on a reform agenda focused on socio-economic reforms coupled with other fundamental reforms. It introduces conditionality by establishing a payment mechanism based on achievements of these reforms. The Facility complements the already existing Instrument for Pre-Accession (IPA III) by focusing on specific determinants for social and economic growth. Each beneficiary must prepare a Reform Agenda setting out key measures for the period 2024-2027 to accelerate socio-economic convergence with the EU. This draft law was adopted by the European Commission on 8 November 2023. The Council of the European Union adopted its general approach to the file on 6 March 2024. The plenary of the European Parliament endorsed a negotiating position on the draft law on 14 March. An informal agreement between the co-legislators on a compromise text for this proposal was reached on 4 April. This was formally endorsed by the Parliament on 24 April and the Council on 7 May. The Act was signed by the co-legislators on 14 May 2024 and published in the Official Journal on 24 May 2024. |
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| Source Link | http://data.europa.eu/eli/reg/2024/1449/oj |
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| Subject Categories | Internal Markets, Politics and International Relations |
| Subject Tags | EU Enlargement, Regional Dimension |
| Keywords | Western Balkans |
| Countries / Regions | Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia |
| International Organisations | European Union [EU] |
