Corporate DispatchPro KEITH ZAHRA
ECONOMY
Recovery & Resilience Facility European Economy and Finance Ministers reached a political agreement on the Recovery and Resilience Facility (RRF), the main instrument of the €750 billion recovery package negotiated by EU leaders in their meeting between 17 and 21 July. The aim of the facility is to provide large-scale financial support for reforms and investments undertaken by member states, to mitigate the economic and social impact of the Covid-19 pandemic and to make the EU economies more sustainable, resilient and better prepared for the challenges posed by the green and digital transitions. It would offer a mix of grants (€312.5 billion) and loans (€360 billion) to member states. The proposal for a regulation establishing this instrument has been discussed intensively within the Council during the past few months. Ministers exchanged views on the outstanding issues, including governance, control systems and the challenges to be addressed in the recovery and resilience plans to be submitted by member states with a view to receiving RRF support. The political agreement reached will be formalised by the Permanent Representatives Committee as a mandate for negotiations with the European Parliament. The Council’s position will guide the presidency in negotiations with the Parliament, which the presidency aims to conclude as soon as possible.
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