Next Generation EU: instrument for the recovery of Member States after the impact of the Covid-19 pandemic
The European Commission presented on 27 May a proposal for a plan to ensure the sustainability, equity, inclusion and fairness for the recovery of Member States after the impact of the Covid-19 pandemic. This plan includes a new instrument, called Next Generation EU, which aims to help repair the immediate economic and social damage caused by the pandemic, initiate a process of recovery and prepare a better future for the next generation; it will form part of the Union’s long-term budget and boost investment in a green, digital and resilient Europe.
Within the framework of the Commission’s proposal advocating a new ceiling on the Union’s own resources, albeit on a temporary basis, 2.00% of the EU’s gross national income, Next Generation EU will allow the Commission to borrow up to 750 billion euros from the financial markets that will be distributed to Member States, reimbursed between 2028 and 2058 and invested in the following pillars: Support to Member States with investments and reforms, Relaunching the economy through incentives to private investments and Address the lessons of the crisis.
According to the European Commission, Next Generation EU as well as reinforcements targeting the EU’s long-term budget for 2021-2027 will elevate the total financial power of the EU budget to 1.85 billion euros.
In view of the urgency and the needs felt by the Member States societies and economies, the European Commission wants this budget to enter into force in January 2021.
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