NextGenerationEU: Commission presents next steps for €672.5 billion Recovery and Resilience Facility in 2021 Annual Sustainable Growth Strategy
Source: European Commission Spokesperson's Service
The European Commission has set out strategic guidance for the implementation of the Recovery and Resilience Facility in its 2021 Annual Sustainable Growth Strategy (ASGS). The Facility is the key recovery instrument at the heart of NextGenerationEU which will help the EU emerge stronger and more resilient from the current crisis. The Facility will provide an unprecedented €672.5 billion of loans and grants in frontloaded financial support for the crucial first years of the recovery.
The publication of the ASGS launches this year’s European Semester cycle. In last year’s ASGS the Commission launched a new growth strategy based on the European Green Deal and the concept of competitive sustainability. This year’s ASGS is in full continuity with the previous one. The four dimensions of environmental sustainability, productivity, fairness and macroeconomic stability identified in last year’s ASGS remain the guiding principles underpinning Member States’ recovery and resilience plans and their national reforms and investments. These dimensions lie at the heart of the European Semester and ensure that the new growth agenda helps to build foundations for a green, digital and sustainable recovery.
In order to benefit from the Recovery and Resilience Facility, Member States should submit their draft recovery and resilience plans outlining national investment and reform agendas in line with the aforementioned EU policy criteria. The Commission also presents today additional guidance to Member States on how best to present their recovery and resilience plans together with a standard template for their plans.
A technical briefing off-the-record (for accredited journalists only) on the implementation of the Recovery and Resilience Facility will take place today at 11:00.
A press release and memo are available online.