The European Parliament has finally approved the mechanism for recovery and resilience created to help EU countries cope with the consequences of the Covid-19 pandemic, which cubes for €672.5 billion, a predominant component of the Next Generation EU plan by

The Regulation on Objectives, Financing and Rules for Access to the European Recovery and Resilience Facility (RRF) was approved by ordinary legislative procedure and first reading agreement by 582 votes to 40

Once the Council has formally approved the Regulation, it will enter into force on the day following its publication in the Official Journal of the European Union.

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EUR 672.5 billion in grants and loans will therefore be made available to finance national measures to alleviate the economic and social consequences of the pandemic.

The facility may also finance related projects, which began on 1 February 2020.

The funding will be available for three years and EU governments may require up to 13% pre-financing for their recovery and resilience plans.

In order to be eligible for funding, national plans should focus on key EU policies such as green transition, including biodiversity, digital transformation, economic cohesion and competitiveness, as well as social and territorial cohesion.

Projects focusing on the institutions’ response to crises and how to help them prepare for them, as well as policies for children and young people, including education and skills development, can also be funded.

Each plan shall allocate at least 37% of its budget to the climate and at least 20% to digital actions.

Plans will have to have a lasting impact in both social and economic terms, include global reforms and a robust investment package and do not significantly damage environmental objectives.

The Regulation also provides that only Member States committed to the rule of law and fundamental values of the European Union will be able to receive funds under the scheme.

To discuss the state of recovery in the EU and how EU countries achieve targets and targets, the European Commission, which is responsible for monitoring the implementation of the device, may be invited to appear every two months before the relevant committees of Parliament.

The EU Commission will also make an integrated information and monitoring system available to Member States to provide comparable information on how the funds are used.

The final text of the Recovery and Resilience Facility Regulation

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