The EU budget powering the recovery plan for Europe

Summary:

Communication published by the European Commission on 27 May 2020, setting out its plan to address the investment needs resulting from the overall recovery strategy in the aftermath of the COVID-19 (coronavirus) pandemic.

Further information:

The Commission's aim is to repair the immediate economic and social damage caused by the pandemic and set the European Union (EU) on the path to a sustainable and resilient recovery, as set out by its Communication on Europe's Recovery Plan.

The plan to address the investment needs includes revamped proposals for the Multiannual Financial Framework (MFF) 2021-2027, as well as a proposal establishing a European Recovery Instrument (also known as Next Generation EU). The first amounts to €1,100 billion, while the second amounts to €750 billion. This adds to the immediate economic response formally endorsed by the European Council in April 2020, which includes the SURE programme, the ESM Pandemic Crisis Support and the EIB Guarantee Fund for Workers and Businesses.

The revamped EU budget package of proposals includes:

• Regulation establishing a European Union Recovery Instrument to support the recovery in the aftermath of the COVID-19 pandemic;
• Council Regulation laying down the multiannual financial framework for the years 2021 to 2027;
• Council Decision on the system of Own Resources of the European Union;
• A set of proposals for sectoral legislation.

[page in development]

• Alternative Source 1

Official

European Commission: EU long-term budget 2021-2027: Commission Proposal May 2020 https://ec.europa.eu/info/strategy/eu-budget/eu-long-term-budget/2021-2027_en

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