|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 99, Pages 5-8|
Regulation (EU) 2020/460 - formally adopted by the European Union on 30 March 2020 - amending Regulations (EU) No 1301/2013, (EU) No 1303/2013 and (EU) No 508/2014 as regards specific measures to mobilise investments in the healthcare systems of Member States and in other sectors of their economies in response to the COVID-19 outbreak.
This Regulation is also known as 'Coronavirus Response Investment Initiative'.
The COVID-19 outbreak affected Member States in a sudden and dramatic manner, with major impact on their societies and economies. It hampers growth as economic activity decelerates sharply. This may be aggravated by liquidity constraints across businesses. Additional public resources are needed to support health care systems and other activities directly linked to the outbreak of the disease.
The 'Coronavirus Response Investment Initiative' is directed at promoting investments by mobilising available cash reserves in the European Structural and Investment Funds (ESIF). In order to quickly direct around €37 billion of public investment, the Commission proposes to relinquish this year’s obligation to request refunding of unspent pre-financing for the European Regional Development Fund (ERDF), the European Social Fund (ESF), the Cohesion Fund (CF) and the European Maritime and Fisheries Fund (EMFF) until programme closure.
This proposal amends Regulation (EU) No 1303/2013, Regulation (EU) No 1301/2013 and Regulation (EU) No 508/2014.
The proposal for the amendments was adopted by the European Commission on 13 March 2020 as part of the its strategy setting out the economic response to the pandemic. It was processed and negotiated by the co-legislators as a matter of urgency. The European Parliament endorsed the initiative on 26 March, followed by the Council of the European Union on 30 March. The Act was published in the Official Journal on 31 March 2020.
|Subject Categories||Economic and Financial Affairs, Internal Markets|
|Subject Tags||Cohesion Policy, Economic Governance | Situation, European Structural and Investment Funds [ESIF]|
|Keywords||Cohesion Fund [CF], COVID-19 (Coronavirus), European Maritime and Fisheries Fund [EMFF], European Regional Development Fund [ERDF], European Social Fund [ESF]
|International Organisations||European Union [EU]|