NextGenerationEU: Commission presents next steps for €672.5 billion Recovery and Resilience Facility in 2021 Annual Sustainable Growth Strategy
The European Commission has set out strategic guidance for the implementation of the Recovery and Resilience Facility in its 2021 Annual Sustainable Growth Strategy (ASGS). The Facility is the key recovery instrument at the heart of NextGenerationEU which will help the EU emerge stronger and more resilient from the current crisis. The Facility will provide an unprecedented €672.5 billion of loans and grants in frontloaded financial support for the crucial first years of the recovery.
The publication of the ASGS launches this year's European Semester cycle. In last year's ASGS the Commission launched a new growth strategy based on the European Green Deal and the concept of competitive sustainability. This year's ASGS is in full continuity with the previous one. The four dimensions of environmental sustainability, productivity, fairness and macroeconomic stability identified in last year's ASGS remain the guiding principles underpinning Member States' recovery and resilience plans and their national reforms and investments. These dimensions lie at the heart of the European Semester and ensure that the new growth agenda helps to build foundations for a green, digital and sustainable recovery.
In order to benefit from the Recovery and Resilience Facility, Member States should submit their draft recovery and resilience plans outlining national investment and reform agendas in line with the aforementioned EU policy criteria. Member States' recovery and resilience plans should address the economic policy challenges set out in the country-specific recommendations of recent years and in particular in the 2019 and 2020 cycles. The plans should also enable Member States to enhance their economic growth potential, job creation and economic and social resilience, and to meet the green and digital transitions.