Portugal, Luxembourg and Belgium on Tuesday received their first tranches of money from the 800 billion euro ($950.8 billion) EU recovery fund aimed at helping them rebound from the pandemic and make their economies greener and more digitalised.
National recovery plans are expected to create at least 800,000 jobs by 2022 in the EU, thanks to additional public and private investment and planned reforms in member states, according to the European Commission.
EU-27 finance ministers in the Ecofin Council approved on Tuesday (13 July) the first batch of twelve national recovery plans, paving the way for the first payments by the end of this month, as the spread of the Delta variant of COVID-19 across Europe increases the risk of new restrictions.
Tensions are mounting in France over crossovers between the country's €100 billion plan to recover from the economic fallout of the pandemic and the European Union's cohesion policy, with regions complaining they have not been sufficiently consulted.
Cohesion, the EU’s €330 billion investment package, making up about a third of the bloc’s new seven-year budget, will focus on bringing about a smarter, greener and more connected Europe, closer to its citizens by 2027. That’s a tall order...
When the European Union prepared its response to the coronavirus pandemic in May last year, it promised one thing: to “build back better”. But national recovery plans show a gap between what EU countries are willing to do and what the Commission aimed for.
As the European Commission starts endorsing national recovery plans submitted by EU countries, campaigners are growing concerned that the EU executive may not fully enforce the fund's green spending target.
A group of international institutional investors coordinated by the Attestor Capital fund, on the hook for €2 billion in the Banco Espírito Santo case, want the European Commission to settle the case, warning that otherwise, they will not fund the post-pandemic economic recovery.
Differing views within the European Commission on how the EU's unprecedented recovery fund can be spent, and a rush to translate national spending plans from their original language, risk slowing down the EU's building renovation wave, experts say.
Romania will exit coal by 2032 at the latest and pass a law by mid-2022 to address the closure of mines and adopt socio-economic measures to support coal communities and reskilling of worers, according to the country's official recovery plan.
The European Commission is set to borrow about €80 billion ($97.76 billion) this year in long-term bonds to finance the European Union's plan for economic revival after the pandemic, the EU executive said on Tuesday (1 June).
The European Union plans to kick off its €750 billion pandemic recovery package with an initial €10 billion bond issue, France's junior minister for European affairs, Clément Beaune, said on Monday (31 May).
Implementing the EU's €750 billion recovery plan in addition to regular regional spending at European level is likely to prove a challenge, the bloc's politicians admitted at an informal meeting of EU cohesion ministers in Lisbon on Tuesday (18 May).
Europe's economic recovery from the impact of COVID-19 is gaining momentum, the European Commission concluded in an economic forecast presented on Wednesday (12 May), with the rebound credited to the recovery fund, vaccines, global trade and the lifting of lockdowns.
Amid doubts around the implementation of the €800 billion recovery fund, European Commission and experts stress that the EU instrument is not a US-like emergency stimulus but an investment tool for the medium-term to transform the European economy.
The unprecedented Recovery and Resilience Facility, the main instrument of the EU’s €800 billion recovery fund, represents a unique opportunity to overcome the recession triggered by the COVID-19 pandemic and complete the twin green and digital transitions of the European...