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The InvestEU programme: Continuing EFSI in the next MFF

30-10-2020

Since its launch in November 2014, the Investment Plan for Europe (IPE) has had considerable success in mobilising private investment across Europe. Despite its success, investment levels in Europe remain below pre-crisis levels. There is therefore a need to provide for an extended EU investment programme under the new multiannual financial framework (MFF), which caters for multiple objectives in terms of simplification, flexibility, synergies and coherence across relevant EU policies. The InvestEU ...

Since its launch in November 2014, the Investment Plan for Europe (IPE) has had considerable success in mobilising private investment across Europe. Despite its success, investment levels in Europe remain below pre-crisis levels. There is therefore a need to provide for an extended EU investment programme under the new multiannual financial framework (MFF), which caters for multiple objectives in terms of simplification, flexibility, synergies and coherence across relevant EU policies. The InvestEU programme, expected to run from 2021 onwards, has been designed to address this challenge. It will bring diverse EU financial instruments within a single structure, making EU funding for investment projects in Europe simpler and more efficient and flexible. It will build on the success achieved by the European Fund for Strategic Investments (EFSI) and consist of the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. Negotiators for Parliament and Council have reached a partial agreement on the text of the proposal, excluding budgetary figures and other elements which will not be finalised until overall agreement on the new MFF. Parliament is due to vote on that agreement in April 2019.

Own resources of the European Union: Reforming the EU's financing system

06-10-2020

In July 2020, the European Council reached political agreement on the reform of the own resources system that finances the EU budget, in the context of a package including the new multiannual financial framework (MFF) and the Next Generation EU (NGEU) recovery instrument. The agreed increase in the maximum level of resources that can be called from Member States is a pre-condition for NGEU borrowing operations. The Council’s adoption of the own resources decision, translating the deal on the revenue ...

In July 2020, the European Council reached political agreement on the reform of the own resources system that finances the EU budget, in the context of a package including the new multiannual financial framework (MFF) and the Next Generation EU (NGEU) recovery instrument. The agreed increase in the maximum level of resources that can be called from Member States is a pre-condition for NGEU borrowing operations. The Council’s adoption of the own resources decision, translating the deal on the revenue side of the EU budget into a legal text, must be preceded by Parliament’s legislative opinion and followed by the ratification of the decision by all Member States. Parliament fast-tracked its legislative opinion, adopted in September 2020, to enable the Council to ensure the timely launch of NGEU. Parliament has repeatedly stressed that it will not give its consent to the MFF without proper reform of the financing system, and negotiations continue on the rest of the package. Notably, Parliament underlines that the introduction of a basket of new own resources should cover at least the repayment costs of NGEU. Deeming the new plastics contribution a first partial step in this direction, Parliament intends to negotiate a legally binding calendar on the introduction of five additional new own resources, linked to EU policies on climate and the single market. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

The State of the Union debate in the European Parliament, 2020

11-09-2020

The State of the Union address of 2020 will be delivered at a time when the coronavirus pandemic continues to create challenges for the European Union and its Member States. At the same time, the the next multiannual financial framework (MFF), the EU's long-term budget, is yet to be agreed. Unresolved challenges also include ensuring respect for EU values (Article 2 TEU) in the Member States, addressing the threat of climate change, and ensuring Europe is fit for the digital age. The tradition of ...

The State of the Union address of 2020 will be delivered at a time when the coronavirus pandemic continues to create challenges for the European Union and its Member States. At the same time, the the next multiannual financial framework (MFF), the EU's long-term budget, is yet to be agreed. Unresolved challenges also include ensuring respect for EU values (Article 2 TEU) in the Member States, addressing the threat of climate change, and ensuring Europe is fit for the digital age. The tradition of EU State of the Union addresses, delivered by the President of the European Commission before the European Parliament, dates back to 2010. The address takes stock of the achievements of the past year and presents the priorities for the year ahead. The State of the Union speech constitutes an important instrument for the European Commission's ex-ante accountability vis-à-vis Parliament. It is also aimed at rendering the definition of priorities at EU level more transparent, and at communicating those priorities to citizens. It resembles similar speeches in national democracies. The United States of America, for instance, has a long-standing tradition of presidential State of the Union addresses, in which the President speaks in the Capitol to a joint session of Congress, thus fulfilling his constitutional obligation. By contrast to the US Constitution, the EU Treaties do not prescribe the State of the Union address, which was instigated with the 2010 Framework Agreement between Parliament and the Commission. Former Commission Presidents José Manuel Barroso (2010 to 2013, marked mainly by the economic and financial crisis) and President Jean Claude Juncker each gave four State of the Union speeches. In his 2015 address, Jean Claude Juncker presented new proposals on migration, external action, and economic and fiscal policy. In 2016, he announced new initiatives to invest in Europe's young people, jobseekers and start-ups, to expand public access to wifi, and make fairer copyright laws. In 2017, he proposed a roadmap for a more united, stronger and more democratic union. In his final speech in 2018, he called for a more sovereign Europe that allows its nations to be global players, setting out proposals on migration, cybersecurity and foreign policy. This briefing further updates an earlier one, from September 2016, originally written by Eva-Maria Poptcheva.

Just Transition Fund

11-09-2020

The EU’s ambition to achieve climate neutrality will require a transformation in those regions relying on fossil fuels and high-emission industries. The Just Transition Fund of €17.5 billion, complementing the existing cohesion policy funds, will provide support to address the social, economic and environmental impacts of the transition in the most affected territories. The European Parliament is expected to vote during the September plenary session on its legislative resolution outlining the Parliament ...

The EU’s ambition to achieve climate neutrality will require a transformation in those regions relying on fossil fuels and high-emission industries. The Just Transition Fund of €17.5 billion, complementing the existing cohesion policy funds, will provide support to address the social, economic and environmental impacts of the transition in the most affected territories. The European Parliament is expected to vote during the September plenary session on its legislative resolution outlining the Parliament’s first-reading position on the proposed regulation, and refer the file back to the Committee on Regional Development (REGI) for interinstitutional negotiations.

Amending Budget No 8/2020: Covering the financing needs of the Emergency Support Instrument and Coronavirus Response Investment Initiative Plus

11-09-2020

Draft Amending Budget No 8/2020 (DAB 8/2020) aims to provide additional payments of €6.2 billion in 2020. Of this amount, €1.1 billion is needed for the financing of actions contributing to the deployment of an effective and safe vaccine against Covid-19, assumed under the Emergency Support Instrument (ESI). Cohesion funds will be reinforced with €5.1 billion to ensure that a sufficient amount of payments is available to cover the Member States’ reimbursement requests for actions taken under the ...

Draft Amending Budget No 8/2020 (DAB 8/2020) aims to provide additional payments of €6.2 billion in 2020. Of this amount, €1.1 billion is needed for the financing of actions contributing to the deployment of an effective and safe vaccine against Covid-19, assumed under the Emergency Support Instrument (ESI). Cohesion funds will be reinforced with €5.1 billion to ensure that a sufficient amount of payments is available to cover the Member States’ reimbursement requests for actions taken under the Coronavirus Response Investment Initiative Plus (CRII+). The European Parliament is expected to vote, under the urgent procedure, on the Council position on DAB 8/2020 during the September plenary session.

EU budget and recovery fund: Is it a done deal? [What Think Tanks are thinking]

29-07-2020

After nearly five days of tough negotiations, the European Council agreed on the EU’s next seven-year budget, the Multiannual Financial Framework (MFF), worth more than one trillion euros from 2021 to 2027, and crucially, on an additional 750-billion euro fund to help countries recover from the economic downturn caused by the coronavirus pandemic. Many politicians and analysts have hailed the agreement on the recovery fund in particular as an ‘historic moment’. For the first time, some EU debt will ...

After nearly five days of tough negotiations, the European Council agreed on the EU’s next seven-year budget, the Multiannual Financial Framework (MFF), worth more than one trillion euros from 2021 to 2027, and crucially, on an additional 750-billion euro fund to help countries recover from the economic downturn caused by the coronavirus pandemic. Many politicians and analysts have hailed the agreement on the recovery fund in particular as an ‘historic moment’. For the first time, some EU debt will be mutualised and the EU will tap financial markets on a significant scale to secure funds, which will be disbursed in the form of grants and loans. The European Parliament - which must approve these spending plans - welcomed the fund but criticised the lack of parliamentary scrutiny in its implementation as well as some of the cuts leaders made in spending on innovation and the climate as compared to the European Commission’s MFF proposals and the Parliament’s own demands, and regretted the weakened link between budget spending and the rule of law. This note offers links to first reactions from international think tanks on the budget deal. Earlier publications on financing the EU can be found in a previous item in this series, published by EPRS on 8 June 2020.

Outcome of the Special European Council meeting of 17-21 July 2020

23-07-2020

After almost five days of negotiations, the European Council reached a political agreement on the Multiannual Financial Framework (MFF) for 2021 to 2027 and a specific recovery instrument following the coronavirus crisis – Next Generation EU (NGEU) – together totalling €1 824.3 billion. Negotiations seem to have concentrated in particular on the balance between loans and grants for the provision of funding under the NGEU, with a final division of €360 and €390 billion respectively. Other notable ...

After almost five days of negotiations, the European Council reached a political agreement on the Multiannual Financial Framework (MFF) for 2021 to 2027 and a specific recovery instrument following the coronavirus crisis – Next Generation EU (NGEU) – together totalling €1 824.3 billion. Negotiations seem to have concentrated in particular on the balance between loans and grants for the provision of funding under the NGEU, with a final division of €360 and €390 billion respectively. Other notable developments concern the link between EU funding and respect for the rule of law, the size of the MFF, rebates and own ressources.

Future financing of the Union: MFF, Own Resources and Next Generation EU

22-07-2020

On 21 July, EU Heads of State or Government reached a political agreement on the future design of EU finances. The next step involves negotiations between Parliament, whose consent is required for the adoption of the EU’s multiannual financial framework (MFF), and Council. In an extraordinary part-session two days later, Parliament is expected to vote on a motion for a resolution that confirms Parliament’s readiness to enter immediately into negotiations to improve the deal and sets out conditions ...

On 21 July, EU Heads of State or Government reached a political agreement on the future design of EU finances. The next step involves negotiations between Parliament, whose consent is required for the adoption of the EU’s multiannual financial framework (MFF), and Council. In an extraordinary part-session two days later, Parliament is expected to vote on a motion for a resolution that confirms Parliament’s readiness to enter immediately into negotiations to improve the deal and sets out conditions for its consent to the MFF.

Negotiations on the next MFF and the EU recovery instrument: Key issues ahead of the July European Council

15-07-2020

The current multiannual financial framework (MFF), also known as the EU's long-term budget, comes to an end this year. While the European Commission put forward a proposal for the next MFF and its financing in May 2018, agreement has so far proved elusive under legislative procedures that give a veto power to each Member State. In recent months, the unfinished negotiations have become intertwined with the debate on the creation of a common EU tool to counter the severe socio-economic consequences ...

The current multiannual financial framework (MFF), also known as the EU's long-term budget, comes to an end this year. While the European Commission put forward a proposal for the next MFF and its financing in May 2018, agreement has so far proved elusive under legislative procedures that give a veto power to each Member State. In recent months, the unfinished negotiations have become intertwined with the debate on the creation of a common EU tool to counter the severe socio-economic consequences of the coronavirus pandemic. In May 2020, the Commission tabled revised proposals for a 2021-2027 MFF worth €1 100 billion and the EU own resources system, together with a proposal for a €750 billion recovery instrument, Next Generation EU (NGEU). The latter would be financed with funds borrowed on the capital markets to reinforce EU budgetary instruments in the 2021-2024 period. In addition, an amendment to the current MFF would provide a bridging solution to fund some recovery objectives this year already. The complex negotiations, which involve many different legislative procedures, are now entering a key phase. Issues expected to be under the spotlight include: the size of the MFF and of the NGEU and their interaction; reform of the financing system with the possible creation of new EU own resources; the breakdown of allocations (between policies and Member States); the contribution to the green transition; conditionalities (such as rules linking EU spending to the rule of law or to challenges identified in the European Semester); flexibility provisions to react to unforeseen events; the mix of grants and loans in the recovery instrument; and the repayment of funds borrowed under NGEU. European Council President Charles Michel has prepared a compromise package ahead of the July European Council meeting. If the Heads of State or Government find a political agreement, the next step will involve negotiations between Parliament and Council, since the former's consent is required in order for the MFF Regulation to be adopted. Parliament, which has been ready to negotiate on the basis of a detailed position since November 2018, is a strong advocate of a robust MFF and an ambitious recovery plan. It has stressed that it will not give its consent if the package does not include reform of the EU financing system, introducing new EU own resources.

Next Generation EU - Where are assigned revenue? Which impact in 2021?

15-07-2020

Exception to the budgetary principle of universality, assigned revenues flatten at 10.5 % in last years. In the emergency European Recovery Instrument, “Next Generation EU”, put forward by the Commission EUR 500 billion are external assigned revenue. In 2021, contributions from “Next Generation EU” are planned to provide an additional EUR 211.3 billion of assigned revenue. in 2021, assigned revenue will surge to EUR 220 000 million in commitments and EUR 46 100 million in payments, from a total ...

Exception to the budgetary principle of universality, assigned revenues flatten at 10.5 % in last years. In the emergency European Recovery Instrument, “Next Generation EU”, put forward by the Commission EUR 500 billion are external assigned revenue. In 2021, contributions from “Next Generation EU” are planned to provide an additional EUR 211.3 billion of assigned revenue. in 2021, assigned revenue will surge to EUR 220 000 million in commitments and EUR 46 100 million in payments, from a total amount of EUR 17 405.5 million in commitment appropriations and EUR 19 159.6 million in payments appropriations in 2019. On assigned revenue, the European Parliament is excluded from the decision-making process. Given the size of the amount in question, the budgetary treatment of external assigned revenue should be reassessed.

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