On 27 May 2020 , to kick-start the European recovery, protect lives, livelihoods and jobs, the European Commission proposed a major €2,4 trillion recovery plan which is based on using the full potential of a powerful, modern and revamped EU budget to deliver a more sustainable, digital, inclusive and fair Europe. Commission President Ursula von der Leyen said: “Europe’s next generation will reap the benefits of tomorrow. These investments will not only preserve the outstanding achievements of the last 70 years but will also ensure that our Union is climate natural, digital, social and a strong global player in the future. This is about all of us. It is way bigger than any of us. This is Europe's moment.”
The proposal includes a two-fold response with an additional €750 billion Recovery Instrument to combat the impact of the coronavirus crisis and a reinforced long-term budget of the EU for 2021-2027.
Called “Next Generation EU”, it rolls out on the 3 following pillars:
- Supporting Member States to recover, especially focusing on green transition from Next Generation EU funds and supporting Member States investments
- Kick-starting the economy and helping private investment, for example with Solvency support for viable companies and supporting key sectors and technologies
- Learning the lessons from the crisis, with support to a new health programme
The European Commission is also adjusting its 2020 Work Programme to focus on major items, such as the European Green Deal, the Digital Single Market, fair and inclusive recovery and constructing a more resilient Union.
Source: European Commission