| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 57, Pages 1-16 |
| Publication Date | 18/02/2021 |
| Content Type | Legislation, News, Policy-making |
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Summary: Regulation (EU) 2021/240 - formally signed by the co-legislators on 10 February 2021 - establishing a Technical Support Instrument (TSI). Further information: The COVID-19 (coronavirus) pandemic later caused substantial impact on socioeconomic realities across the European Union (EU), as well on economic and financial conditions of Member States. The aftermath would require support to public and private investments, but also enhancement of reform efforts to address underlying social and economic weaknesses. It became important to support Member States' efforts by providing them with substantial technical support to strengthen their administrative capacity to prepare and implement reforms. This Regulation establishes a standalone Technical Support Instrument available to all Member States, as a successor to the Structural Reform Support Programme (SRSP). The draft law was tabled by the European Commission on 28 May 2020, in the framework of its Recovery Plan for Europe, which included revamped proposals for the Multiannual Financial Framework (MFF) 2021-2027 and a recovery instrument. In parallel to this proposal, the Commission also proposed setting up a Recovery and Resilience Facility (RRF) to respond to the challenges posed by the COVID-19 crisis. The Technical Support Instrument is seen as supporting Member States in the preparation and implementation of recovery and resilience plans under the RRF. For reasons of expediency, the proposal took as a basis a previous initiative establishing a Reform Support Programme (RSP), which was withdrawn. The Council of the European Union's committee of representatives adopted a partial position on this draft law on 22 July (excluding its financial elements). The plenary of the European Parliament endorsed a negotiating position on 7 October. An informal agreement between the co-legislators on a compromise text was reached on 15 December. Following formal endorsement, the co-legislators signed the Act on 10 February 2021, which was published in the Official Journal on 18 February 2021. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2021/240/oj |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Economic Governance | Situation, EU Budget, Multiannual Financial Framework [MFF] |
| Keywords | MFF 2021-2027 |
| International Organisations | European Union [EU] |
