Opening statement by Executive Vice-President Dombrovskis at the 6th Recovery and Resilience Dialogue at the European Parliament
An overview of economic developments in candidate and pre-candidate countries.
The Commission made a first payment of €21 billion (excluding pre-financing) to Italy on 13 April under the Recovery and Resilience Facility (RRF). The payment comprised of €10 billion in grants and €11 billion in loans.
A reform of the fiscal rules that govern public spending, debt and investment in EU countries is currently being prepared by the European Commission.
A reform of the fiscal rules that govern public spending, debt and investment in EU countries is currently being prepared by the European Commission.
On 5 April, the Commission launched a targeted consultation on the digital euro. A digital euro is a digitized form of central bank money directly available to users, in addition to cash.
The Commission has adopted a proposal for a Council Recommendation on the conversion of hryvnia banknotes into the currency of host Member States by persons fleeing the war in Ukraine.
During a visit to Greece on 8 April, Executive Vice-President Valdis Dombrovskis met with members of the Greek government to discuss the implementation of the Recovery and Resilience Facility (RRF), as well as the economic outlook and Greece’s crucial role in helping people fleeing the war in Ukraine.
On 7 April, the European Commission adopted a positive assessment of Bulgaria's recovery and resilience plan. This is a key step paving the way for the EU to disburse €6.3 billion in grants under the Recovery and Resilience Facility (RRF).
“The message is that we have to work to ensure that our economies navigate these troubled waters, keeping agile and responsive fiscal policies, and implementing national recovery and resilience plans. Because this is key to supporting confidence: we need it more than ever.”
Meeting on 4 April, euro area economy and finance ministers examined the impacts of the war in Ukraine in the short- and medium-term, especially energy price increases and consequences on standards of living, while highlighting the numerous policies in place to soften these impacts.
The Commission published a report on 28 March that summarises the results of an online public survey on the future of the EU's economic governance framework.
The Commission disbursed €2.17 billion to three EU Member States on 29 March in the eighth instalment of financial support under the SURE instrument. As part of the operations, Hungary received €147 million, Poland €1.5 billion and Portugal €523 million.
The Commission raised a further €10 billion in NextGenerationEU funds on 22 March through its second bond syndication of 2022.
On 25 March, the Commission endorsed a positive preliminary assessment of Portugal's payment request for €1.16 billion, comprised of €553.44 million in grants and €609 million in loans under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU.
On 29 March, the Commission adopted a positive assessment of Sweden's recovery and resilience plan.
On 18 March, the Commission disbursed a further €300 million in emergency Macro-Financial Assistance (MFA) to Ukraine and adopted a €120 million grant for Ukraine as budget support.
“Democracies of the world stand together against Putin's war. If there is anything Putin did not expect, it is our unity, it is the speed of our action and it is our determination. We will further increase our support to Ukraine, we will sharpen our sanctions, and we will break free from Russian fossil fuels.”
During a European Council meeting on 24-25 March, EU leaders adopted conclusions on the Russian military aggression against Ukraine, security and defence, energy, economic issues, COVID-19 and external relations.
This paper investigates differences in the economic adjustment in the euro area and in the United States following the COVID-19 crisis.
