|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 107, Pages 30-89|
|Content Type||Blog, Legislation, News, Policy-making|
Regulation (EU) 2021/523 - adopted by the co-legislators on 24 March 2021 - setting up the InvestEU Programme for the period between 2021-2027. It amends Regulation (EU) 2015/1017.
In the framework of the Multiannual Financial Framework (MFF) 2021-2027, the European Commission detected the need for an investment programme catering for cross-cutting objectives in terms of simplification, flexibility, synergies and coherence across relevant policies of the European Union (EU). It aims to bring together a multitude of previous financial programmes and expand the model of the Investment Plan for Europe.
The original proposal was tabled by the European Commission in 2018, but investment needs increased significantly due to the impact of the COVID-19 (coronavirus) pandemic on the European economy and the risk of an asymmetric recovery across the EU and within Member States. In the context of the revamped proposals on the MFF 2021-27, the Commission tabled a revised proposal for the InvestEU Programme on 29 May 2020. It increases the initially proposed financial envelope and amends its scope to reflect the specific post-pandemic needs of the European economy. The new proposal fully reflects the elements already agreed upon by the co-legislators when negotiating the original proposal. In order to cater to the future needs of the economy and to secure or maintain strategic autonomy in key sectors, a new window is added to the programme - the strategic European investment window.
The programme is to stand on four legs:
Representatives of Member States in the Council of the European Union agreed on a partial mandate for negotiations (excluding financial provisions) on 4 November. The European Parliament's relevant committee adopted its negotiating position on 28 October, which was endorsed by the plenary on 13 November. An informal agreement between the co-legislators on a compromise text was reached on 7 December. The Parliament formally endorsed it on 9 March 2021, followed by the Council on 17 March. The Act was signed by the co-legislators on 24 March 2021 and published in the Official Journal on 26 March.
|Subject Categories||Economic and Financial Affairs, Internal Markets|
|Subject Tags||Investment Plan for Europe | Juncker Plan, Multiannual Financial Framework [MFF]|
|Keywords||European Fund for Strategic Investments [EFSI], MFF 2021-2027
|International Organisations||European Union [EU]|