The European Commission confirmed on Monday (31 May) that it will start borrowing the €800 billion needed to finance the recovery fund in June, after all member states gave their approval to the issuance of EU debt which is on an unprecedented scale.
Finance ministers of Germany, France, Italy, and Spain urged member states on Wednesday (28 April) to submit their recovery plans and pressed the European Commission to speed up the assessment of the investment and reform proposals.
The Spanish government has in the last weeks already advanced €2.1 billion of its coronavirus recovery programme, amounting to 7.9% of the €26 billion Spain is expected to receive in EU funds this year, Spanish financial media reported.
Some EU finance ministers are expected to request the European Commission on Friday (16 April) to shorten the two-month evaluation period of the recovery plans in order to speed up the implementation of the long-awaited European stimulus.
The European Commission could find it difficult to transfer the first tranche of the recovery funds to all member states according to its calendar, as most plans are expected to be approved at the same time and there will be limited capacity to borrow from the markets.
Difficulties never come alone in the EU. The German Constitutional court’s decision to halt the ratification of the EU’s recovery fund on 26 March is the latest challenge faced by the EU in the battle against the Covid-19 pandemic.
An EU reinsurance scheme to support national unemployment benefits was not part of the European Pillar of Social Rights Action Plan presented on Thursday (4 March), although the European Commission has been supportive of the idea.
In the first edition of EURACTIV’s Yellow Room, we are talking about the European airline industry’s sustainability plan to achieve carbon neutrality by 2050. The aviation sector is facing the double challenge of coming up with alternative fuel solutions...
EU’s recovery funds could start flowing to member states before summer. Still, investors are “concerned” about the speed of the implementation of the EU’s joint stimulus, the European Stability Mechanism said on Monday (15 February).
The economic crisis caused by COVID-19 could turn into a “social crisis”, the EU's economic affairs commissioner Paolo Gentiloni has warned, calling for greater involvement from trade unions in the elaboration of national recovery plans.
Unity at the national and EU level will be key for Spain and Europe to overcome the unprecedented challenges posed by the pandemic, Spanish Prime Minister Pedro Sánchez has said, adding that his government would successfully implement the €140 billion from the EU for the country's pandemic response and recovery.
The EU will double down on its efforts to use the Covid-19 crisis to accelerate the ‘Green’ and digital transitions, fuelled by its €1.95 trillion stimulus, an intense policy agenda and new trade opportunities to improve its global standing.
EU leaders accepted on Thursday (10 December) the compromise reached between Germany and Hungary and Poland to unblock the EU budget package totalling €1.8 trillion, after the European Commission clarified that the Rule of Law mechanism will be valid from 1 January.
EU leaders will discuss on Thursday (10 December) whether to approve the compromise negotiated by the German presidency to drop Hungary and Poland’s vetoes to the EU budget deal, postponing of the Rule of Law mechanism until EU judges validate it.
The EU will start preparing a recovery fund against the pandemic without Hungary and Poland unless the two countries lift by Tuesday their veto to the EU budget and the stimulus totalling € 1.8 trillion agreed last July, a senior EU diplomat said.
The European Commission is assessing options to circumvent Hungary and Poland’s veto to the EU budget and the recovery fund, and could come up with a proposal early next year if their blockade remains, a senior EU official confirmed on Wednesday (2 December).
European Central Bank President Christine Lagarde said on Thursday (19 November) that the institution will act "with determination” against the second wave of the pandemic, ahead of the new monetary stimulus she is expected to announce in December.
The European Commission has given its blessing to the draft budgetary plans submitted by the 19 eurozone countries, containing the extra spending to combat the risk of a new recession, but warned about the growing imbalances in many EU economies.
Hungary and Poland blocked the approval of the EU’s seven-year budget and the recovery fund totalling €1.81 trillion, as both countries continued to oppose the rule of law mechanism attached to the EU funds.
Eurozone finance ministers said late on Tuesday (3 November) that Europe “is now better equipped” to address the COVID-19 crisis and ruled out new joint measures to tackle the second wave of the virus.