Key aspects and main pillars of the recovery plan
ECONOMÍA Y FINANZAS I April 22, 2021
The COVID-19 pandemic recovery plan has set out key objectives and other essential pillars to aid the eurozone's economic recovery.
The recovery plan for Europe aims to rebuild the European economy after the COVID-19 pandemic and make it more sustainable, digital and resilient in the face of future crises. To this end, key objectives and six essential pillars for recovery have been established.
On sustainability, the European Green Deal is the EU's roadmap, which aims to achieve climate neutrality by 2050, decoupling economic growth from resource use, boosting the circular economy, restoring biodiversity and reducing pollution.
When it comes to digitalisation, the Digital Europe programme is leading the way. With this, the EU wants to accelerate the digital transformation of Europe's economy and society by passing on its benefits to citizens and businesses.
Funds allocated through the recovery plan for Europe will have three key objectives:
To achieve these objectives, actions funded by the European Recovery and Resilience Facility (RRF), the main instrument of NextGenerationEU, should be organised around six main pillars:
Therefore, in order to receive support from the Recovery and Resilience Facility, EU countries must put in place a coherent package of projects, reforms and investments linked to these six policy areas. Each Member State should design a National Recovery and Resilience Plan that includes the reforms and investment projects needed to achieve these objectives, with the four aspects identified in the European Commission's Annual Sustainable Growth Strategy as guiding principles: environmental sustainability, productivity, equity and macroeconomic stability.
The Commission has encouraged Member States to submit investment and reform plans in the following areas:
In addition, National Recovery and Resilience Plans should include detailed strategies to address the specific challenges of each Member State and have to meet the following conditions:
Spain presented its national plan on 30 April, within the limit set for this purpose and they are expected to be evaluated and approved by the European Commission in June 2021. The European Regulation on the Recovery and Resilience Facility, adopted last February, describes the objectives of this financial instrument and the conditions for its implementation.
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What is the recovery plan for Europe
COVID-19 has caused an unprecedented crisis. To repair the economic and social damage caused by the pandemic, the European Union has approved the largest stimulus package in its history, combining the EU's long-term budget (the 2021-2027 Multiannual Financial Framework) with a temporary instrument to boost recovery, called NextGenerationEU.
Timeline of the recovery plan for Europe
Since the beginning of the pandemic, the European Union has taken measures to repair the social and economic damage caused and to support member countries in their recovery.