COUNCIL OF THE EUROPEAN UNION,update

Meetings Thursday 28 October 2021

● Council of the EU 28/10/2021 11:44 | MEETING | Main results - Informal video conference of economy and finance ministers, 28 October 2021 Economy and finance ministers discussed the implementation of the Recovery and Resilience Facility and exchanged views on the recovery and resilience plans for Estonia, Finland and Romania. The plans will be adopted on 29 October by written procedure. Council of the EU Informal video conference of economy and finance ministers, 28 October 2021 Main results Ministers took stock of the implementation of the EU’s recovery fund. They exchanged views on the Council implementing decisions on the approval of national recovery and resilience plans for Estonia, Finland and Romania and welcomed the Commission's positive assessments of all three plans. The decisions will be adopted via written procedure by 29 October, which will allow these countries to obtain their requested 13% pre-financing. Our work on the European recovery continues. We are progressing with the approval of the recovery plans. With the planned investments and reforms, we can become more resilient as the EU economy and society. Their successful implementation is now the key to ensuring a strong and sustained recovery.Andrej Šircelj, Slovenia’s Minister for Finance Once the decisions on Estonia’s, Finland’s and Romania’s plans are formally approved this week, 22 member states will have received the green light for their recovery spending plans. The plans lay down the measures that will be taken at national level to foster the economic recovery with the help of the EU’s unprecedented €672.5 billion in support (in 2018 prices). To ensure a sustainable European recovery, a strong focus is put on green and digital targets, which account for at least 37% and 20% of the expenditure respectively. A recovery plan for Europe (background information) Meeting information Meeting n°VC-ECOFIN-281021 Video conference 28 October 2021 Preparatory documents Background brief Economic and Financial Affairs Council: Other meetings Previous 10-11 September 2021 5 October 2021 28 October 2021 9 November 2021 12 November 2021Next ● Council of the EU 28/10/2021 10:48 | Press release | Recovery fund: ministers welcome assessment of Estonia’s, Finland’s and Romania’s plans Economy and finance ministers today welcomed the assessment of national recovery and resilience plans for Estonia, Finland and Romania. Council implementing decisions on the approval of these plans will be adopted by written procedure shortly after today’s ministers’ video conference. Recovery fund: ministers welcome assessment of Estonia’s, Finland’s and Romania’s plans Economy and finance ministers today welcomed the assessment of national recovery and resilience plans for Estonia, Finland and Romania. Council implementing decisions on the approval of these plans will be adopted by written procedure shortly after today’s ministers’ video conference. Following the formal adoption of the decisions, those member states will be able to receive the requested 13% pre-financing and begin making use of the EU’s large-scale financial support to overcome the adverse impact of the pandemic on their economies. The EU’s recovery fund makes €672.5 billion (in 2018 prices) available to support reforms and investments member states make to stimulate their economies, while prioritising green and digital spending. I’m happy to be able to share good news for three more member states. We have just confirmed the positive assessments for the recovery and resilience plans of Estonia, Finland, and Romania. They will soon be able to receive their pre-financing payment from the Recovery and Resilience Facility. The reforms and investments outlined in their plans strongly support the European green and digital agenda. By addressing the key challenges, the overall European recovery will be more sustainable and more resilient.Andrej Šircelj, Slovenia’s Minister for Finance Key measures Estonia’s €969.3 million plan includes efforts to decarbonise the economy and aims at developing innovative green technologies such as green hydrogen. It also facilitates the green transition for businesses and improves access to green finance for SMEs. In terms of digital transformation, the plan centres on the competitiveness of Estonian companies and includes financial support to SMEs and microenterprises across all sectors to help them on their digital path. Finland’s €2.1 billion will contribute to its goal of reaching carbon neutrality by 2035. The measures Finland outlined in its recovery plan encompass increasing the share of renewables in the energy mix, decarbonising industry, reducing emissions of buildings and promoting low-emission transport systems. The plan’s digital component includes investments in high-speed broadband networks and supports the digitalization of businesses and the public sector. Phasing out coal and lignite power production and deploying renewables, as well as making investments and reforms in the areas of buildings renovation, railways modernisation, water and waste management, and afforestation and reforestation are measures Romania plans to implement to reach its climate objectives. Its €14.2 billion in grants and €14.9 billion in loans will also be used, among other things, to digitalise the country’s public services and strengthen the resilience of the healthcare system. Background and next steps The measures approved in the national plans focus on six key policy areas (‘pillars’) and address 2019 and 2020 country-specific recommendations. Reaching milestones and targets set for the planned measures is the precondition for the payment of the EU’s financial contributions. Once Estonia's, Finland's and Romania's plans have been formally approved, 22 member states will have had their national recovery plans adopted. 17 member states have received their requested pre-financing. The total amount disbursed so far is around €52.4 billion. Council gives go-ahead to Malta’s recovery plan (press release, 5 October 2021) A recovery plan for Europe (background information) The Recovery and Resilience Facility (European Commission)