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EU budget, Commission takes steps to make €11.5 billion available for

EU Budget, Commission Takes Steps to Make €11.5 Billion Available for Crisis Repair and Recovery in 2020

BRUSSELS – The Commission of the EU budget on Wednesday proposed changes to its 2020 budget to make €11.5 billion available for repair and recovery in the event of a crisis from 2020.
Once available, funds will be used to help the poorest regions, to support businesses and those who need it outside the borders of the EU.
Budget Commissioner Johannes Hahn said: “On our way to recovery, it will be crucial that additional funds are made available and reach businesses and citizens as soon as possible and always this year”.
The proposal is a technical follow-up to the main stimulus package presented by the Commission last week, consisting of a new stimulus package, the next generation of the EU, integrated into a powerful, modern and modern long-term EU budget.
Reworked as part of this plan, the Commission has proposed raising €750 billion on the markets and channeling them towards the revival of the EU.
To do this, the Commission has proposed to temporarily lift the own resources ceiling of its long-term budget (the maximum amount of funds that the Union can request from the Member States to cover its financial obligations) and the ceiling on actual expenditure (CFP payment limit).
To achieve this, the Commission has proposed amending the decision on own resources – the legal text which sets the conditions for funding the EU budget. This requires a unanimous decision of all member states and approval in accordance with national constitutional requirements.
In order to bridge the period until the ratification of the amended decision on owned resources and to make essential funds available to workers, businesses and the Member States as early as 2020, the Commission proposed last week to Adjust the current long-term budget 2014-2020 to allow for an increase in spending again in 2020.
Wednesday’s proposal comes to mind; ensuring that the additional €11.5 billion for REACT-EU, the solvency support instrument and the European Fund for Sustainable Development (EFSD) will be available as soon as possible this year.
On May 27, the European Commission presented its proposal for a major recovery plan. To ensure that the recovery is sustainable, uniform, inclusive and fair for all Member States, the European Commission has proposed to create a new stimulus, the next generation of the EU, integrated into a long-term EU budget powerful, modern and revamped term.
The next generation EU of €750 billion, as well as targeted long-term EU budget enhancements for 2021-2027, will bring the total financial firepower of the EU budget to €1.85 trillion.
(Sahar News Monitoring Desk)

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