The EU’s 2021-2027 long-term budget, together with NextGenerationEU, amounts to €1.8 trillion. This unprecedented response will help repair the economic and social damage caused by the coronavirus pandemic and aid the transition towards a modern, more sustainable Europe.

The package consists of the long-term budget (the 2021-2027 MFF multiannual financial framework) of €1.074 trillion, combined with the temporary recovery instrument NextGenerationEU of €750 billion.

It was adopted by the European Parliament on 16 December 2020.

MEPs negotiated major top-ups for EU flagship programmes like Health, Horizon (Research), Erasmus+ and supported also a roadmap introducing new sources of EU revenue. This roadmap is part of the ‘Interinstitutional Agreement’, a legally binding text. In addition to the contribution made as of 2021, based on how much unrecycled plastic a country has, the roadmap includes an ETS (Emissions Trading System)-based Own Resource (from 2023, possibly linked with a carbon border adjustment mechanism). It also includes a digital levy (from 2023) and a Financial Transaction Tax-based Own Resource, as well as a financial contribution that the corporate sector must make or a new common corporate tax base (from 2026).

Concerning the expenditure of NextGenerationEU funds, Parliament secured regular meetings between the three institutions to assess the implementation of funds made available on the legal basis of Art. 122. These exceptional funds, provided outside the regular budget to restart the economy heavily impacted by the pandemic, will be spent in a transparent manner and Parliament, together with Council, will check any deviation from previously agreed plans.

EU Multiannual Financial Framework 2021-2027

Every year the European Central Bank publishes an annual report on how it has carried out its supervisory responsibilities, it describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy. The report is usually published in April of the following year. The Chair of the Supervisory Board of the ECB presents the report to the European Parliament at a public hearing and then during a debate in plenary.

See more on this topic by visiting our <a href="https://multimedia.europarl.europa.eu/en/european-central-bank-annual-report-8th-parliamentary-term_4003_pk">package</a> for the 8th parliamentary term.

European Central Bank - annual report

The coronavirus crisis is a major shock for the European and global economies. Member States have already adopted budgetary, liquidity and policy measures to increase the capacity of their health systems and provide relief to those citizens and sectors that are particularly impacted.

Among the measures the EU is taking to support the economic recovery are the EU's recovery plan, Next Generation EU, SURE: temporary support for workers, amendments to the EU budget to address urgent issues, re-direction of EU funds to help member states most in need, support to most affected sectors.

On 21 July 2020, EU leaders agreed on a €750 billion recovery effort, Next Generation EU, to help the EU tackle the crisis caused by the pandemic. Alongside the recovery package, EU leaders agreed on a €1 074.3 billion long-term EU budget for 2021-2027. Among others, the budget will support investment in the digital and green transitions and resilience.

Together with the €540 billion of funds already in place for the three safety nets (for workers, for businesses and for member states), the overall EU's recovery package amounts to €2 364.3 billion (source: Council).

Coronavirus outbreak: impact on economic situation

Press conference on REPowerEU chapters in recovery and resilience plans

The Covid-19 pandemic left an indelible mark on Europe. While we may no longer live in lockdown or see masks everywhere, the pandemic’s impact is still being felt. Because of the far-reaching effects on our economy and society at large, the European Union's response went far beyond securing enough vaccines. The European Commission rolled out €800 billion in financial relief through the Next Generation EU Recovery Instrument. In this first episode of the chronicle, Alessandro D'Alfonso, the Head of the Next Generation EU Monitoring Service at the EPRS, will delve into the details of this historic package and what it means for the EU. Restrictions: ©The material may not be edited and must be shown entirely. #NextGenerationEU

EPRS - EU Recovery Instrument: What is it?

The national recovery and resilience plans, through which the Recovery and Resilience Facility (RRF) is implemented, have a strong focus on energy, investing €88.49 billion (17.9 % of their resources) in the policy area. The European Commission proposed new REPowerEU chapters to the national recovery and resilience plans, using sums still available for RRF loans, some fresh resources and voluntary transfers from other EU instruments. The REPowerEU plan is designed to end the EU's dependence on Russian fossil fuels and accelerate the green transition. In this third and last episode of the chronicle, Alessandro D'Alfonso, the Head of the Next Generation EU Monitoring Service at the EPRS, will delve into the relevance of the Next Generation EU Recovery Instrument in the face of the ongoing energy crisis in Europe. #NextGenerationEU

EPRS - EU Recovery Instrument: Looking to the future

A major innovation in EU finances to counter the socio-economic impact of the pandemic, the Next Generation EU Recovery Instrument is already delivering concrete results and implementation is in full swing. Citizens and businesses in the EU are already experiencing tangible benefits as EU countries' GDP is also positively impacted. In this second episode of the chronicle, Alessandro D'Alfonso, the Head of the Next Generation EU Monitoring Service at the EPRS, will delve into the practical details of the implementation of the Next Generation EU Recovery Instrument. Restrictions: ©The material may not be edited and must be shown entirely. #NextGenerationEU

EPRS - EU Recovery Instrument: What to expect?

Food prices in the EU have risen dramatically over the past two years. The chain of disruptions caused by the COVID 19 pandemic, extreme weather events and the Russian invasion of Ukraine in 2022 have led to severe shortages in the agri-food chain, resulting in higher consumer prices. The latest European Parliament Eurobarometer survey shows that the cost of living continues to be the main concern for European citizens. Restrictions: ©The material may not be edited and must be shown entirely.

EPRS - Rising food prices

Press conference by Siegfried MUREŞAN (EPP, RO), Pieter LIESE (EPP, DE), Eider GARDIAZABAL RUBIAL (S&D, ES) and Dragoș PÎSLARU (Renew, RO), Rapporteurs on RePowerEU chapters in recovery and resilience plans.

Press conference by Siegfried MUREŞAN (EPP, RO), Pieter LIESE (EPP, DE), Eider GARDIAZABAL RUBIAL (S&D, ES), and Dragoș PÎSLARU (Renew, RO), Rapporteurs on RePowerEU chapters in recovery and resilience plans

On 18 September 2022 the Commission proposed the freezing of €7.5 billion in EU funds for Hungary, citing corruption and public procurement concerns, after triggering the EU’s rule of law conditionality mechanism against Hungary in April. MEPs discuss the state of play of the negotiations between the Commission and Hungary linked to the protection of the EU budget and the recovery and resilience plan. Closing statement by Didier REYNDERS, European Commissioner for Justice.

State of play of the negotiations between the Commission and the Hungarian Government linked to the Conditionality Regulation and the RRP: closing statement by Didier REYNDERS, European Commissioner for Justice

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EU Multiannual Financial Framework 2021-2027

European Central Bank - annual report

Coronavirus outbreak: impact on economic situation

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EPRS - EU Recovery Instrument: What is it?

EPRS - EU Recovery Instrument: Looking to the future

EPRS - EU Recovery Instrument: What to expect?

EPRS - Rising food prices

Press conference by Siegfried MUREŞAN (EPP, RO), Pieter LIESE (EPP, DE), Eider GARDIAZABAL RUBIAL (S&D, ES), and Dragoș PÎSLARU (Renew, RO), Rapporteurs on RePowerEU chapters in recovery and resilience plans

State of play of the negotiations between the Commission and the Hungarian Government linked to the Conditionality Regulation and the RRP: closing statement by Didier REYNDERS, European Commissioner for Justice

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Press conference on REPowerEU chapters in recovery and resilience plans

Press conference on REPowerEU chapters in recovery and resilience plans

Press conference on REPowerEU chapters in recovery and resilience plans

Press conference on REPowerEU chapters in recovery and resilience plans

Press conference on REPowerEU chapters in recovery and resilience plans

Press conference on REPowerEU chapters in recovery and resilience plans