This is in addition to the Union's MFF of 1.1 trillion euros over the course of the MFF
The Commission will borrow from the capital markets, a first if I'm not mistaken
New own resources will be introduced to finance the EU budget
The Union's financial interests shall be protected in accordance with the general principles embedded in the Union Treaties, in particular the values of Article 2 TEU*.
The European Council underlines the importance of the protection of the Union's financial interests. The European Council underlines the importance of the respect of the rule of law.
Based on this background, a regime of conditionality to protect the budget and Next Generation EU will be introduced. In this context, the Commission will propose measures in case of breaches for adoption by the Council by qualified majority.
*Article 2: The Union is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities. These values are common to the Member States in a society in which pluralism, non-discrimination, tolerance, justice, solidarity and equality between women and men prevail.
Qualified majority means 55% of EU member states representing 65% of the Union's population
The recovery and resilience plans shall be assessed by the Commission within two months of the submission. The criteria of consistency with the country-specific recommendations, as well as strengthening the growth potential, job creation and economic and social resilience of the Member State shall need the highest score of the assessment. Effective contribution to the green and digital transition shall also be a prerequisite for a positive assessment.
The assessment of the recovery and resilience plans shall be approved by the Council, by qualified majority on a Commission proposal, through an implementing act which the Council shall endeavour to adopt within 4 weeks of the proposal.
The positive assessment of payment requests will be subject to the satisfactory fulfilment of the relevant milestones and targets.
Can someone help me understand the €750bn of EU borrowing and how it works? Does it count as national sovereign debt split evenly between member nations, or is it a new kind of debt that nations' budget contributions will go towards paying off?
delarussieavecamour on July 21st, 2020 at 04:33 UTC »
The text of the agreement
https://www.consilium.europa.eu//media/45109/210720-euco-final-conclusions-en.pdf
750 billion euros worth
390 billion of which is grants
This is in addition to the Union's MFF of 1.1 trillion euros over the course of the MFF
The Commission will borrow from the capital markets, a first if I'm not mistaken
New own resources will be introduced to finance the EU budget
*Article 2: The Union is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities. These values are common to the Member States in a society in which pluralism, non-discrimination, tolerance, justice, solidarity and equality between women and men prevail.
Qualified majority means 55% of EU member states representing 65% of the Union's population
Vops_ on July 21st, 2020 at 05:48 UTC »
Can someone help me understand the €750bn of EU borrowing and how it works? Does it count as national sovereign debt split evenly between member nations, or is it a new kind of debt that nations' budget contributions will go towards paying off?
TotallyNotWatching on July 21st, 2020 at 07:49 UTC »
Can someone tell me why Czech is getting 1.5 billion in regional development? It’s so much more than anyone else.