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Latvia is set to receive non-repayable financial support (grants) worth €1 969 million to implement its national recovery and resilience plan (NRRP), including for the REPowerEU chapter. These resources represent 0.3 % of the RRF, equal to 6.4 % of the country's gross domestic product (GDP) in 2019. Under the Recovery and Resilience Facility (RRF), the original plan had an initial value of €1 826 million. In June 2022, Latvia's grant allocation was increased by €9 million. In September 2023, Latvia ...

The Polish national recovery and resilience plan (NRRP) – Krajowy Plan Odbudowy – is the third biggest plan under the Recovery and Resilience Facility (RRF). It totals €54.7 billion, including €25.3 billion in grants and €29.4 billion in loans. The loan component has been reduced from €34.5 billion following the decrease in the level of implementation of several measures. Poland's NRRP has been revised four times, first on 8 December 2023 to add the REPowerEU chapter. The latest amendment was approved ...

Denmark's national recovery and resilience plan (NRRP) corresponds to 0.2 % of the Recovery and Resilience Facility (RRF), or 0.5 % of Denmark's 2019 gross domestic product (GDP). Spillover gains from other Member States′ plans are expected to more than double the direct impact of the Danish plan. The third and latest revision of the Danish NRRP was approved by the Council on 8 July 2025. The EU financial contribution totals €1 625.9 million, including RRF grants (€1 429 million), a REPowerEU grant ...

Portugal is set to receive €21.9 billion in grants and loans from the Recovery and Resilience Facility (RRF), the EU response to the crisis triggered by the COVID 19 pandemic. This amount corresponds to 2.9 % of the entire RRF, or 10.2 % of Portugal's 2019 gross domestic product (GDP), and includes RRF grants (€15.5 billion), RRF loans (€5.6 billion), REPowerEU grants (€0.7 billion) and Portugal's share (€0.1 billion) from the Brexit Adjustment Reserve. This is the result of the latest revision of ...

Under the EU's Recovery and Resilience Facility (RRF), the core of the Next Generation EU (NGEU) instrument, Malta is set to receive a total contribution of €328.2 million, corresponding to 2.3 % of its 2019 gross domestic product (GDP) – less than the average for the EU overall (the RRF equals 5.2 % of EU-27 GDP in 2019). However, while in nominal terms Malta has the second smallest allocation, it ranks higher in terms of RRF grants per capita. The total financial contribution reflects several revisions ...

This paper presents the aggregated results of a survey conducted among Members of the Monetary Policy Expert Panel (MPEP) ahead of the February 2026 Monetary Dialogue with ECB President Christine Lagarde. The opinions expressed in this document are the sole responsibility of the survey respondents and should not be attributed to the European Parliament or its services.

This paper assesses the ECB’s monetary policy stance and communication amid declining inflation, persistent uncertainty, and renewed external risks. It documents how trade-policy shocks and global spillovers affect inflation surprises, highlights substantial cross-country inflation heterogeneity within the euro area, and shows that common shocks generate uneven national responses. Using a novel multi-agent LLM framework, it evaluates ECB communication, revealing strengths during active policy adjustments ...

In December 2025, the European Commission published a communication entitled Strengthening EU economic security as a follow-up to its 2023 economic security strategy. Economic developments – whether related to trade, investment or industry – are increasingly viewed through the lens of security. From a foresight perspective, this development can be analysed as the result of three overlapping and partly reinforcing trends. The first is the weakening of a value-based approach to the economy, as exemplified ...

In this issue: ECB keeps key rates unchanged for the fifth consecutive time; ECB enhances repo lines for other central banks to support global liquidity and monetary policy transmission; Fed holds policy rates steady; Trade tensions have eased in the recent months; More than half of MPEP members consider the ECB’s monetary policy stance as appropriate, while around quarter find it slightly restrictive; Special focus on food inflation and labour market developments in the euro area

The ECB anticipates stable growth and inflation, while Europe is faced with geopolitical threats, lack of competitiveness and fiscal challenges. At such a time, central bankers need to consider the dynamics of risk scenarios that arise from potentially mis-aligned or mis-perceived trends and policy-relevant parameters and prepare for timely policy responses. This paper focusses on potentially unsustainable fiscal trends, potential growth misperceptions and their implications for inflation developments ...