The opinions are based on fiscal policy recommendations adopted by the Council in June 2021. They take into account the continued application in 2022 of the general escape clause of the Stability and Growth Pact. Member States are unwinding the temporary emergency measures and increasingly focusing support measures on sustaining the recovery.

Recovery and Resilience Facility grants in 2022 will fund 24% of total recovery support measures and will be frontloaded: Member States are expected to spend over 40% of the total amount of allocated RRF grants, pending the decision to disburse following the fulfilment of milestones and targets. In addition, it is expected that nationally financed investment will be preserved or broadly preserved in 2022 in all Member States, as recommended by the Council.

The euro area fiscal stance is projected to be expansionary over the 2020-2022 period. In several Member States, including some high debt ones, the supportive fiscal stance will be driven by higher nationally financed current spending, or by unfunded tax cuts. In some cases, this is expected to have a sizeable impact on the underlying fiscal position.