The
regulation on the objectives, financing and rules for accessing the
Recovery and Resilience Facility (RRF) was adopted with 582 votes in
favour, 40 against and 69 abstentions. The RRF is the biggest building
block of the €750 billion Next Generation EU recovery package.
Curbing the effects of pandemic
€672.5 billion in grants and loans will
be available to finance national measures designed to alleviate the
economic and social consequences of the pandemic. Related projects that
began on or after 1 February 2020 can be financed by the RRF, too. The
funding will be available for three years and EU governments can request
up to 13% pre-financing for their recovery and resilience plans.
Eligibility to receive funding
To be eligible for financing, national
recovery and resilience plans must focus on key EU policy areas - the
green transition including biodiversity, digital transformation,
economic cohesion and competitiveness, and social and territorial
cohesion. Those that focus on how institutions react to crisis and
supporting them to prepare for it, as well as policies for children and
youth, including education and skills, are also eligible for financing.
Each plan has to dedicate at least 37%
of its budget to climate and at least 20% to digital actions. They
should have a lasting impact in both social and economic terms, include
comprehensive reforms and a robust investment package, and must not
significantly harm environmental objectives.
The regulation also stipulates that only
member states committed to respecting the rule of law and the European
Union’s fundamental values can receive money from the RRF.
Dialogue and transparency
To discuss the state of the EU recovery
and how the targets and milestones have been implemented by member
states, the European Commission, which is responsible for monitoring the
implementation of the RRF, may be asked to appear before Parliament’s
relevant committees every two months. The Commission will also make an
integrated information and monitoring system available to the member
states to provide comparable information on how funds are being used.
Quotes
Siegfried MUREŞAN
(EPP, RO), one of the lead MEPs involved in the negotiations said
during the debate on Tuesday: “Today’s vote means that money will go to
people and regions affected by the pandemic, that support is coming to
fight this crisis and to build our strength to overcome future
challenges. The RRF will help to modernise our economies and to make
them cleaner and greener. We have set the rules on how to spend the
money but left them flexible enough to meet the different needs of
member states. Finally, this money must not be used for ordinary
budgetary expenditures but for investment and reforms.”
Eider GARDIAZABAL RUBIAL
(S&D, ES), one of the lead negotiators said: “The RRF is the
correct response to the impact of the virus. It has two aims: in the
short-term, to recover by supporting gross national income (GNI),
investments and households. In the long-term, this money is going to
bring about change and progress to meet our digital and climate goals.
We will ensure that the measures will alleviate poverty and
unemployment, and will take into account the gender dimension of this
crisis. Our health systems will also become more resilient”.
Dragoș PÎSLARU
(Renew, RO), one of the lead MEPs involved, said: “Europe’s destiny is
in our hands. We have a duty to deliver recovery and resilience to our
youth and children, who will be at the centre of the recovery. One of
the RRF’s six pillars is dedicated especially to them, which means
investing in education, reforming with them in mind and doing our bit
for youth to help them get the skills they will need. We do not want the
next generation to be a lockdown generation”.
Next steps
Once Council has also formally
approved the regulation, it will enter into force one day after its
publication in the Official Journal of the EU.