As the vaccine roll out gathers pace around Europe, Euro Finance Ministers are working to roll out the unprecedented EU economic package agreed last year. At the upcoming Eurogroup meeting this Monday, which will be Chaired by President of the Eurogroup, Minister Paschal Donohoe TD, Euro Finance Ministers will discuss their practical preparations to access the EU’s exceptional Covid19 Recovery and Resilience Facility (€673 billion). Ireland’s initial allocation under the RRF is €853m with a predicted c. €70m more in 2023.
With many millions of Europeans unemployed or in furlough schemes due to Covid19, Ministers will discuss the need for recovery plans to deliver a fair and equitable recovery for all citizens. One that will boost Europe’s Green and Digital transformations and with a focus on particularly hard hit sectors.
Speaking in advance of the meeting, President of the Eurogroup, Minister Paschal Donohoe, said: ‘The European response to Covid19 has shown the power and potential of co-operative action. It is now time to build the strong and equitable recovery our citizens need, and, beyond that, deliver the sustainable Green and Digital focused European economy of tomorrow’.
Ministers will also discuss the likely future direction of financial and monetary policy of the incoming Biden administration with noted American economist and commentator Professor Lawrence H. Summers. Professor Summers held senior roles under two former administrations: Secretary of the Treasury under President Clinton and a key economic advisor to President Obama after the global financial crisis.
Note to Editors:
Minister Donohoe was elected President of the Eurogroup in July 2020. Further information can be found at https://www.consilium.europa.eu/en/council-eu/eurogroup/president/
The Recovery and Resilience Facility (RRF) is part of the NextGenerationEU Budget and will make €672.5 billion in loans and grants available to support reforms and investments undertaken by Member States. Ireland’s allocation under the 70% pot is €853m (2018 prices). An additional grant allocation from the remaining 30% of the Facility will be available in 2023 – the latest Commission estimates say this may be c. €75m (current prices) with this allocation subject to actual GDP output. In order to access funding, each Member State must publish and agree a Recovery and Resilience Plan (RRP) that lays out how they intend to spend the money.
RRPs must align to Europe’s plans for Green and Digital Transformation.
https://ec.europa.eu/info/business-economy-euro/recovery-coronavirus/recovery-and-resilience-facility_en
Lawrence H. Summers is currently a Professor at Harvard. Further details and full bio can be found at: https://www.hks.harvard.edu/faculty/lawrence-h-summers
Contact:
Maria Tomasik, Spokesperson for the Eurogroup President - +32 470 88 23 83 - maria.tomasik@consilium.europa.eu
Deborah Sweeney, Press Adviser to Minister Donohoe, Department of Finance – 086 858 6878
Aidan Murphy, Press Officer, Department of Finance – 085 886 6667