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After showing unexpectedly strong economic resilience in the face of the pandemic and the energy price shock triggered by Russia’s war in Ukraine, Europe is bracing for an uncertain soft landing. The latest economic forecast points towards weakening growth. Real GDP growth is expected to be 0.6 % in both the EU and the euro area in 2023, having been revised downwards for the second time this year. This is partly explained by a heavier toll from monetary policy tightening than expected, alongside ...

After an unexpectedly strong economic recovery from the COVID-19 pandemic, the EU now faces the difficult task of bringing down inflation – mainly caused by sharp increases in energy and food prices in 2022 – while sustaining economic growth and investment in strategic areas such as the green and digital transitions. Economic growth in the EU has declined since mid-2022 and nearly stalled, while the euro area endured a mild technical recession. At the same time, in 2022, annual inflation in the EU ...

Next Generation EU (NGEU) is the unprecedented instrument created by the European Union (EU) to help Member States recover from the socio-economic impact of the COVID 19 crisis, while also addressing structural challenges such as the green and digital transition. Its main spending tool is the €723.8 billion Recovery and Resilience Facility (RRF) that finances ambitious packages of reform and investment measures agreed in the Member States' national recovery and resilience plans (NRRPs). Given the ...

Durante el período parcial de sesiones de febrero II, el Parlamento Europeo debe examinar el acuerdo provisional alcanzado con el Consejo sobre una modificación del Reglamento relativo al Mecanismo de Recuperación y Resiliencia (MRR). Si se aprueba, el MRR se convertirá en el principal instrumento de financiación del plan REPowerEU de la Comisión Europea, lo que permitirá a los Estados miembros financiar inversiones adicionales y medidas de reforma en el ámbito de la energía en el marco de sus planes ...

Offering an overview of the economic and budgetary situation in the European Union and beyond, and summarising the main economic indicators in the EU and euro area and their two-year trends, this study is the seventh in an annual series of 'Outlooks' produced by the European Parliamentary Research Service (EPRS). In seven chapters, the authors of the publication explain and analyse the annual EU budget and give an overview of its headings for 2023, all within the wider budgetary context of the EU's ...

The economic recovery from the COVID-19 pandemic in Europe was unexpectedly strong, supported by decisive fiscal and monetary policies and bolstered by significant progression in vaccination rates and a gradual easing of restrictions. On the back of the strong economic rebound, government debt ratios began to decline from record high levels reached in 2020, labour market conditions in Europe rebounded significantly and first signs of broad-based price increases became evident in mid 2021. The Russian ...

In absolute figures, Italy's Recovery and Resilience Plan is the largest national plan under the unprecedented EU response to the crisis triggered by the coronavirus pandemic. Italy has decided to use its entire national allocation under the Recovery and Resilience Facility (RRF), including its loan component (€122.6 billion). Totalling €191.5 billion, these resources represent 26.5 % of the entire RRF, equal to 10.7 % of the country's gross domestic product (GDP) in 2019 (the RRF being 5.2 % of ...

La Comisión de Presupuestos (BUDG) y la Comisión de Asuntos Económicos y Monetarios (ECON) del Parlamento Europeo apoyan el uso del Mecanismo de Recuperación y Resiliencia (MRR) como principal instrumento de financiación del plan REPowerEU de la Comisión Europea. Durante el período parcial de sesiones de noviembre I, está previsto que el Parlamento debata y someta a votación el informe conjunto de las Comisiones BUDG y ECON, que incluye diversos cambios en la propuesta de la Comisión de modificar ...

The European Union (EU) has an energy strategy focused on providing households and businesses with secure, sustainable, competitive and affordable energy. This will require a major transformation of Europe's energy system as well as massive investment. Alongside national funding, various EU instruments contribute to the financing of energy policy, which is central to efforts to decarbonise the European economy under the European Green Deal. The Recovery and Resilience Facility (RRF), the EU's ground-breaking ...

The Covid-19 pandemic was a severe blow to EU Member States. Thanks to rapid and resolute responses at Member State and EU level, the economic impact of the pandemic was less severe than initially forecast and – at least until early 2022 – the economy seemed on the way to recovery. New challenges, both external (such as Russia’s war on Ukraine) and internal (such as inflation) could jeopardise this, however. In its Spring 2022 Economic Forecasts, the European Commission has revised the EU’s growth ...