Meetings
Tuesday 3 May 2022
● Council of the EU
03/05/2022 16:34 | MEETING |
Main results - Informal video conference of economy and finance ministers, 3 May 2022
Economy and finance ministers discussed the national recovery and resilience plans for Bulgaria and Sweden.
Council of the EU
Informal video conference of economy and finance ministers, 3 May 2022
Main results
Infographic - Recovery and Resilience FacilitySee full infographic
Ministers focused on the economic recovery in Europe. They exchanged views on the Council implementing decisions on the approval of national recovery and resilience plans for Bulgaria and Sweden. In order to formally adopt the decisions, the written procedure will be started shortly after the informal meeting held today. At the end of the written procedure, both member states will be able to sign grant and loan agreements and receive pre-financing from the EU's Recovery and Resilience Facility.
The Recovery and Resilience Facility is the EU’s programme of large-scale financial support in response to the challenges the pandemic has posed to the European economy. The facility’s €672.5 billion are used to support the reforms and investments outlined in the member states’ recovery and resilience plans.
Bulgaria’s recovery and resilience plan consists of €6.3 billion in grants. Bulgaria intends to use 58.9% of the plan’s total allocation for its climate objectives, by accelerating the decarbonisation of its energy sector, improving the energy efficiency of private and public buildings, and supporting sustainable forms of transport. 25.8% of the plan’s total allocation will be dedicated to digital objectives such as enhancing digital skills and the digitalisation of public administration as well as supporting the development of very high capacity networks across the country.
Sweden’s recovery and resilience plan consists of €3.3 billion in grants. 44.4% of the plan’s total allocation supports climate objectives. Sweden intends, among other things, to support the conversion to renewable energy for heating in industry, further decarbonise the industrial sector and improve its railway capacity. Sweden plans to allocate 20.5% of the plan’s total allocation for reforms and investments supporting digital objectives, such as accelerating broadband network rollout in sparsely populated areas and investing in an administration-wide digital infrastructure.
As provided in the RRF regulation, at least 37% of expenditure should be dedicated to climate and at least 20% to digital targets. Apart from these two areas, investments and reforms under the facility will also focus on: smart, sustainable and inclusive growth; social and territorial cohesion; health, and economic, social and institutional resilience; and policies for the next generation.Recovery fund: ministers welcome assessment of national plans for Bulgaria and Sweden (press release, 3 May 2022)
A recovery plan for Europe (background information)
Meeting information
Meeting n°VC-ECOFIN-03052022
Video conference
3 May 2022
15:00
Preparatory documentsBackground brief
