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The economic recovery from the COVID-19 pandemic in Europe was unexpectedly strong, supported by decisive fiscal and monetary policies and bolstered by significant progression in vaccination rates and a gradual easing of restrictions. On the back of the strong economic rebound, government debt ratios began to decline from record high levels reached in 2020, labour market conditions in Europe rebounded significantly and first signs of broad-based price increases became evident in mid 2021. The Russian ...

In absolute figures, Italy's Recovery and Resilience Plan is the largest national plan under the unprecedented EU response to the crisis triggered by the coronavirus pandemic. Italy has decided to use its entire national allocation under the Recovery and Resilience Facility (RRF), including its loan component (€122.6 billion). Totalling €191.5 billion, these resources represent 26.5 % of the entire RRF, equal to 10.7 % of the country's gross domestic product (GDP) in 2019 (the RRF being 5.2 % of ...

The European Parliament's Committees on Budgets (BUDG) and Economic and Monetary Affairs (ECON) support the use of the Recovery and Resilience Facility (RRF) as the main funding tool of the European Commission's REPowerEU plan. During its November I plenary session, Parliament is due to debate and vote on the BUDG and ECON committees' joint report, which includes various changes to the Commission proposal to amend the RRF Regulation. Once endorsed, the report would become Parliament's mandate for ...

The European Union (EU) has an energy strategy focused on providing households and businesses with secure, sustainable, competitive and affordable energy. This will require a major transformation of Europe's energy system as well as massive investment. Alongside national funding, various EU instruments contribute to the financing of energy policy, which is central to efforts to decarbonise the European economy under the European Green Deal. The Recovery and Resilience Facility (RRF), the EU's ground-breaking ...

The Covid-19 pandemic was a severe blow to EU Member States. Thanks to rapid and resolute responses at Member State and EU level, the economic impact of the pandemic was less severe than initially forecast and – at least until early 2022 – the economy seemed on the way to recovery. New challenges, both external (such as Russia’s war on Ukraine) and internal (such as inflation) could jeopardise this, however. In its Spring 2022 Economic Forecasts, the European Commission has revised the EU’s growth ...

Offering an overview of the economic and budgetary situation in the EU and beyond, and summarising the main economic indicators in the EU and euro area and their two-year trends, this study is the sixth in an annual series of 'Outlooks' produced by the European Parliamentary Research Service (EPRS). In seven chapters, the authors of the publication explain and analyse the EU annual budget and give an overview of its headings for 2022, all within the wider budgetary context of the EU’s post-2020 Multiannual ...

On 1 June 2021, the decision that reforms the financing system of the EU budget entered into force, following its ratification by all Member States. It introduces three significant innovations in the own resources system, applying retroactively from 1 January 2021. The maximum level of resources that can be called from Member States permanently rises from 1.20 % to 1.40 % of EU gross national income (GNI). A temporary increase in the own resources ceiling, worth a further 0.60 % of EU GNI, is devoted ...

The Own Resources Decision (ORD) establishes how the EU budget is financed. Its entry into force requires approval by all EU Member States according to their constitutional requirements. In a majority of Member States, national parliaments are responsible for ratifying the decision. In the others, the government alone decides on the approval. Completion of the ratification procedure by all Member States has generally required more than two years. However, there was a greater sense of urgency for ...

Over the past two decades, the European Union (EU) has been entrusted with a growing number of objectives and responsibilities. However, ensuring financing of related activities through the EU budget has often proven problematic, as this has long been capped at around 1 % of the Union's gross national income (GNI). During the preparation of the post-2020 EU multiannual financial framework (MFF), climate action, migration and border management were identified among the emerging priorities that required ...

The Treaty of Lisbon makes explicit reference to pooling financial resources to support common policies on asylum, immigration and external borders. Given the increasing salience of the policy areas in recent years, the European Union (EU) has for the first time established a specific heading devoted to migration and border management in its new multiannual financial framework (MFF). Endowed with €22.7 billion (2018 prices) for the years 2021 to 2027, the heading finances the activities of specific ...