Europe’s moment: Repair and Prepare for the Next Generation

Author (Corporate)
Series Details COM (2020) 456
Publication Date 27/05/2020
Content Type

Summary:

Communication published by the European Commission on 27 May 2020, setting out its overall longer-term plan for recovery across the European Union (EU) in the aftermath of the COVID-19 (coronavirus) pandemic - also known as Europe's Recovery Plan.

Further information:

The European Commission was tasked by the European Council in March 2020 to set out a strategy for the longer-term socioeconomic recovery across the EU following the emergency caused by the virus outbreak. The mandate was further confirmed in April by EU leaders.

While the virus affected all Member States, the impact and the potential for recovery looks very different. While every Member State was able to support its workers and companies as much as possible, not all could do this to the same extent. This has created the risk of an imbalanced recovery, an uneven playing field and widening disparities across the EU. It has also showed the need and value of an EU-wide response.

The recovery plan includes an increase of the ceilings under the Multiannual Financial Framework (MFF) 2014-2020, a proposal for a new recovery instrument called Next Generation EU, embedded within revamped proposals for the Multiannual Financial Framework (MFF) 2021-2027. The European Commission also unveiled an adjusted Work Programme for 2020.

The European Parliament discussed the Commission's plan on the same day as it was announced. The first round of Council negotiations relating to the plan was set for 19 June during a meeting of the European Council. The Council of the European Union (COMPET format) held an exchange of views on 12 June and adopted a Statement.

Source Link https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2020:456:FIN
Related Link(s)
Commentary and Analysis
BBC News, 27/05/2020: Coronavirus: Rocky path ahead for European Commission https://www.bbc.co.uk/news/world-europe-52826454
Bloomberg, 27/05/2020: The European Union Is on the Brink of Historic Change https://www.bloomberg.com/opinion/articles/2020-05-27/eu-pandemic-recovery-fund-puts-europe-on-brink-of-historic-change
Politico, 27/05/2020: Ursula von der Leyen’s big gamble with borrowed money https://www.politico.eu/article/ursula-von-der-leyens-big-gamble-with-borrowed-money/
Politico, 27/05/2020: Germany’s Scholz sees recovery fund as more than money https://www.politico.eu/article/germany-urges-e500b-in-recovery-fund-grants-to-balance-existing-loan-deals/
Reuters, 27/05/2020: Key climate spending in EU's 'green recovery' plan https://uk.reuters.com/article/idUKKBN2331RB
LSE: EUROPP Blog, 28/05/2020: Next Generation EU (NGE): The Commission’s Covid-19 recovery package https://blogs.lse.ac.uk/europpblog/2020/05/28/next-generation-eu-nge-the-commissions-covid-19-recovery-package/
RTÉ News, 28/05/2020: How much EU states could get from new Covid recovery scheme https://www.rte.ie/news/business/2020/0528/1143149-how-much-eu-states-could-get-from-covid-recovery-scheme/
Politico: Brussels Sketch, 28/05/2020: Nothing new under the recovery fund https://www.politico.eu/article/nothing-new-under-the-recovery-fund/
Politico, 28/05/2020: Recovery fund: Everything depends on what happens next https://www.politico.eu/article/recovery-fund-everything-depends-on-what-happens-next/
Deutsche Welle, 28/05/2020: Coronavirus crisis will be paid for by Europe's next generation https://p.dw.com/p/3cs00
The Guardian, 28/05/2020: EU green recovery package sets a marker for the world https://www.theguardian.com/environment/2020/may/28/eu-green-recovery-package-sets-a-marker-for-the-world#maincontent
EUObserver, 28/05/2020: EU Commission's €1.85trn recovery package - key points https://euobserver.com/economic/148487
Deutsche Bank: Talking Point, 28/05/2020: The Commission’s recovery plan for Europe – bold and challenging https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000508542.pdf
Euro|topics, May 2020: EU recovery: where the money should be spent https://www.eurotopics.net/en/241309/
CEPR: VOX Columns, 09/06/2020: Next Generation EU: A recovery plan for Europe https://voxeu.org/article/next-generation-eu-recovery-plan-europe
EPRS: Briefing, July 2020: Amended proposal for the 2021-2027 MFF and 2021-2024 recovery instrument 'Next Generation EU' in figures https://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2020)651993

News
EurActiv, 27/05/2020: ‘Do no harm’: EU recovery fund has green strings attached https://www.euractiv.com/section/energy-environment/news/do-no-harm-eu-recovery-fund-has-green-strings-attached/
Deutsche Welle, 27/05/2020: European Commission unveils €750 billion recovery plan https://p.dw.com/p/3cpuA
Euronews, 27/05/2020: EU announces financial 'firepower' of 1.85 trillion with 750 billion for COVID recovery https://www.euronews.com/2020/05/27/eu-commission-set-to-unveil-trillion-euro-coronavirus-recovery-plan
RFI News, 27/05/2020: Italy, Spain to be big recipients of EU €750bn Covid-19 recovery fund http://www.rfi.fr/en/europe/20200527-italy-spain-to-be-big-recipients-of-eu-%E2%82%AC750bn-covid-19-recovery-fund
Forbes, 27/05/2020: European Union Reveals $826 Billion Economic Stimulus Plan To Battle Coronavirus Damage https://www.forbes.com/sites/sarahhansen/2020/05/27/european-union-reveals-826-billion-economic-stimulus-plan-to-battle-coronavirus-damage/#569d7956958b
EurActiv, 27/05/2020: Defence and security win battle but not war, in EU budget plans https://www.euractiv.com/section/defence-and-security/news/defence-and-security-win-battle-but-not-war-in-eu-budget-plans/
BBC News, 27/05/2020: Coronavirus: Von der Leyen calls €750bn recovery fund 'Europe's moment' https://www.bbc.co.uk/news/world-europe-52819126
France24, 27/05/2020: EU Commission proposes €750 billion recovery fund in wake of Covid-19 crisis https://www.france24.com/en/20200527-eu-commission-proposes-%E2%82%AC750-billion-recovery-fund-in-wake-of-covid-19-crisis
EUObserver, 27/05/2020: Mix of loans and grants in Commission €750bn package https://euobserver.com/coronavirus/148490
Politico, 27/05/2020: Sebastian Kurz cautious on Commission’s €750B recovery blueprint https://www.politico.eu/article/kurz-cautious-on-commissions-750b-recovery-blueprint-coronavirus-covid19-mff-budget/
The Guardian, 28/05/2020: EU pledges coronavirus recovery plan will not harm climate goals https://www.theguardian.com/environment/2020/may/28/eu-pledges-coronavirus-recovery-plan-will-not-harm-climate-goals
Politico, 28/05/2020: Too taxing: Brussels can’t explain plan for big company levy https://www.politico.eu/article/commission-stumbles-over-10b-tax-on-big-companies-recovery/
EurActiv, 28/05/2020: ‘A quantum leap’: German MEPs welcome EU debt for recovery plan https://www.euractiv.com/section/economy-jobs/news/a-quantum-leap-german-meps-welcome-eu-debt-for-recovery-plan/
EUObserver, 28/05/2020: EU Commission's green recovery criticised as 'brown' https://euobserver.com/green-deal/148491
Politico, 29/05/2020: EU recovery fund plan ‘absurd,’ Orbán says https://www.politico.eu/article/viktor-orban-eu-recovery-fund-plan-absurd/

Official
EUR-LEX: SWD(2020)98: Staff Working Document accompanying the Communication https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2020:98:FIN
European Commission: Press Release, 27/05/2020: Europe's moment: Repair and prepare for the next generation https://ec.europa.eu/commission/presscorner/detail/en/ip_20_940
European Commission: Press statement by President von der Leyen on the MFF and the Recovery Instrument (27 May 2020) https://ec.europa.eu/commission/presscorner/detail/en/statement_20_957
European Commission: Speech by President von der Leyen at the European Parliament Plenary on the EU Recovery package (27 May 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_941
European Commission: Questions and Answers on the MFF and Next Generation EU (27 May 2020) https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_935
European Parliament: Press Release, 27/05/2020: EU future at stake: MEPs broadly welcome Commission’s recovery package proposals https://www.europarl.europa.eu/news/en/press-room/20200526IPR79817/
European Council: Press Release, 27/05/2020: Charles Michel on the recovery fund: “Our citizens and businesses have been heavily impacted by the pandemic. They need targeted relief without delay” https://www.consilium.europa.eu/en/press/press-releases/2020/05/27/charles-michel-on-the-recovery-fund-our-citizens-and-businesses-have-been-heavily-impacted-by-the-pandemic-they-need-targeted-relief-without-delay/
Council of the European Union: Joint statement of ministers responsible for the internal market and industry on the Recovery Plan for Europe, 12 June 2020 https://www.consilium.europa.eu/en/press/press-releases/2020/06/12/joint-statement-of-ministers-responsible-for-the-internal-market-and-industry-on-the-recovery-plan-for-europe/

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