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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 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 ...

The InvestEU programme is a single investment support mechanism for the 2021-2027 period. It brings together various EU financial instruments for internal policies previously supported by different funds and programmes of the EU budget. On 26 March 2021, the InvestEU Regulation entered into force, with retroactive application from 1 January 2021. The EU guarantee, set at €26.2 billion, is expected to mobilise at least €372 billion of investment across the EU (in current prices). In addition, at Parliament's ...

Implementing the Own Resources Decision

Sracfhéachaint 22-03-2021

During its March II plenary session, the European Parliament is scheduled to vote on three Council regulations that complete the architecture of the revenue system of the EU budget. The consent procedure applies to the implementing measures, while legislative opinions (consultation procedure) are to be adopted on the operational provisions. Prior to the votes, Parliament will hold a joint debate on the broader reform of EU own resources, for which a roadmap and guiding principles have recently been ...

The European Green Deal aims to make the European Union climate-neutral by 2050, a target supported by all EU institutions. With this objective, the EU takes a leading role in addressing the global climate emergency. Achieving the climate-neutrality goal requires massive investment and an unprecedented transformation of all sectors of the economy. This study explains the physical basis of climate change and highlights its expected impacts on the EU. To give an overview of EU and international climate ...