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Under the Recovery and Resilience Facility (RRF), Lithuania's national recovery and resilience plan (NRRP) had an initial value of €2 224 million. In June 2022, Lithuania's grant allocation was revised downwards to €2 100 million (- 5.6 %). In October 2023, however, Lithuania submitted a request to amend its NRRP, which includes an additional grant allocation of €193.7 million for a new REPowerEU chapter and a loan request worth €1 551.7 million. Lithuania also requested to transfer a portion of ...

New economic governance rules

Briefing 07-02-2024

On 26 April 2023, the European Commission published a package of three proposals to revise the EU's economic governance framework: a regulation to replace the current preventive arm of the stability and growth pact (SGP), an amending Council regulation on the corrective arm of the SGP, and an amending Council directive to strengthen the role of independent fiscal institutions. The main proposal on the preventive arm is to be adopted through the ordinary legislative procedure with the European Parliament ...

Under the Recovery and Resilience Facility (RRF), Czechia's National Recovery and Resilience Plan (NRRP) had an initial value of €7 036 million in grants only. In June 2022, Czechia's initial RRF grant allocation was revised upwards to €7 673.7 million (+ 9.1 %). In June 2023, Czechia submitted a request to modify its NRRP. The amended plan amounts to a total of €9 231.3 million. It now includes a new REPowerEU chapter with an additional grant allocation of €680.5 million. Czechia also requested ...

Following the Commision’s adoption of the Action plan on Sustainable Finance in 2018 with the aim to foster investment in sustainable projects and incorporate sustainability in financial advice, the SFDR was adopted by the European Parliament and the Council in November 2019. It aims to provide investors who seek to put their money into companies and projects focusing on sustainable development with the necessary information. Furthermore, the SFDR allows investors to assess the integration of sustainability ...

Since the adoption of the United Nations Sustainable Development Goals in 2015, research and innovation investment strategies worldwide have been increasingly geared towards the twin green and digital transitions. One objective has been to reinforce the impact of public investment in science and technology by doing more to pool resources and rally various actors, including citizens, behind a specific goal (a concept also known as 'directionality'). Horizon Europe, the ninth EU framework programme ...

This briefing paper assesses Commission proposals to monitor reforms and investments in member states through a revised EU fiscal governance framework. Major innovations, such as a key operationalrole for an expenditure rule, are discussed in relation to the stated objectives, with a focus on social resilience. These innovations are welcome, but we also see a need for engaging national stakeholders to increase loyalty to the policy process. This document was provided by the Economic Governance ...

Before the pandemic, the Greek economy was just getting back onto a positive path, following reforms implemented under the macroeconomic adjustment programmes. Greece was among the first four countries to submit its national recovery and resilience plan (NRRP) in April 2021. The plan envisages investment and reforms totalling €30.5 billion, to be implemented up to 2026; €17.8 billion will be financed from non-repayable financial support (grants), and €12.7 billion – the maximum possible allocation ...

Europe's long-term strategy for the competitiveness of its economy, notably regarding investment, innovation and trade, will be at the centre of the European Council meeting on 23 and 24 March 2023. EU leaders will of course address Russia's war of aggression against Ukraine, and consider the multidimensional (political, financial, economic, humanitarian and military) assistance the EU and its Member States have been providing to Ukraine, particularly joint ammunition procurement. Regarding energy ...

During its February II plenary session, the European Parliament is due to examine the provisional agreement reached with the Council on an amendment to the Recovery and Resilience Facility (RRF) Regulation. If approved, the RRF will become the main funding tool of the European Commission's REPowerEU plan, enabling Member States to finance additional investment and reform measures in energy under their recovery and resilience plans.

The European single market celebrates its 30th anniversary this year. On 1 January 1993, the then 12 Member States abolished border controls between each other, launching free movement of people, goods, services and capital. This infographic celebrates the single market's anniversary, looking at the history of the European Union (EU) in terms of macro-economic indicators as the number of Member States has grown. It shows exports of goods, services and investments; movement of people within the EU ...