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Top story
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Fiscal policy guidance for 2024: Promoting debt sustainability and sustainable and inclusive growth
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The Commission provided guidance to Member States on the conduct and coordination of fiscal policy for next year. This guidance comes as discussions on the future economic governance framework are ongoing.
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Viewpoint
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Paolo Gentiloni, Commissioner for Economy
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“We are also providing clear guidance today to our Member States as they look ahead to their 2024 budgets, while constructive discussions are ongoing on the reform of the Pact. Governments should pursue prudent fiscal policies, protect public investment and phase out energy support measures, starting with the least targeted.”
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News
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Economic and Financial Affairs Council discusses reform of the EU economic governance framework
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The Economic and Financial Affairs Council agreed conclusions on orientations for a reform of the EU economic governance framework containing areas of convergence of views among Member States and areas for further work on a reformed framework. They constitute political guidance for the Commission for the preparation of relevant legislative proposals.
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NextGenerationEU: Positive preliminary assessment of Austria's first request for €700 million disbursement under the Recovery and Resilience Facility
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The Commission has endorsed a positive preliminary assessment of Austria's first payment request for €700 million of grants (net of pre-financing). Austria submitted a payment request in December 2022 based on the achievement of the 44 milestones and targets, including reforms to accelerate the roll-out of renewable energy production and make public transport more attractive.
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NextGenerationEU: Commission disburses first payment of €52.3 million to Malta under the Recovery and Resilience Facility
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The payment of €52.3 million in grants was made possible by Malta's fulfilment of the 16 milestones and 3 targets in the first instalment. The payment request covers important measures such as the adoption of a strategy to reduce waste through recycling in the construction sector, a national anti-fraud and corruption strategy and reforms to digitalise the justice system.
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NextGenerationEU: Estonia submits request to modify recovery and resilience plan and add a REPowerEU chapter
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Estonia submitted a request to the Commission to modify its recovery and resilience plan, including two reforms and two investments to deliver on the REPowerEU objectives. The modification of the plan foresees five new investments, include support to companies to increase energy security and the construction of viaducts for Rail Baltica.
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InvestEU supports modernisation of Palermo-Catania railway line
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The European Investment Bank (EIB) has approved a €2.1 billion operation to modernise 178 km of the Palermo-Catania railway line in Italy, reducing travel times by a third. The project is backed by the InvestEU programme.
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InvestEU: up to €250 million in loans for companies in Portugal to support sustainable investments, skills, as well as cultural and creative sectors
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The European Investment Fund (EIF) and Santander Portugal have signed a guarantee agreement, supported by the InvestEU programme, for up to €250 million in loans. The targeted financing will benefit Portuguese businesses in the areas of i) sustainability, ii) education and iii) culture and creative sectors.
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Speeches
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Remarks by Executive Vice-President Dombrovskis at the ECOFIN press conference
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We have reached convergence on a number of key elements and principles for revising the EU's fiscal rules. After many months of debate and consultation, this is a very welcome step forward.
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Remarks by Commissioner Gentiloni at the Eurogroup press conference
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The euro area economy entered this year on a slightly better than expected situation than expected a few months ago. But we are not out of the woods yet and uncertainty remains very high.
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Statement by Executive Vice-President Valdis Dombrovskis at the press conference on fiscal guidance for 2024
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It is time to shift gear and look to the future. From the fiscal standpoint, we need to change focus. This is why, today, the European Commission is presenting fiscal policy guidance for 2024. Our emphasis should turn to improving debt sustainability, boosting potential growth in a sustainable way.
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Real Economy by Euronews
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EU financial support package to rebuild greener and safer Ukraine
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The most recent episode of Real Economy examines the impact of the financial support provided to Ukraine by the EU, European financial institutions and Member States. On top of aid, the European Union has committed to lend €18 billion in 2023 alone, with favourable loan terms. The episode features an interview with Executive Vice-President Valdis Dombrovskis.
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Events and notices
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EU Finance Days 2023 – Athens, 30 March 2023
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The EU Finance Days 2023 are organised by the Commission and implementing partners to present the financial and support programmes to relevant stakeholders. Join us at the next EU Finance Day in Athens (or via web streaming) on 30 March 2023.
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