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The communication contributes to the coordination of economic policies across the European Union (EU) as the EU economy begins to recover from the restrictions imposed by the COVID-19 pandemic, supporting the recovery and modernisation of the EU’s economy.
Economy and employment
Measures taken at the EU and national level helped contain the impact of the pandemic on the economy and labour markets. Economic policy should remain supportive throughout 2021 and 2022. When economic conditions allow, policies should be refocused towards minimising the medium-term consequences of the current crisis. The RRF is designed to contribute to increasing growth and employment and to reduce imbalances between Member States.
Member States’ continued reforms and investments are crucial for recovery, supporting quality job creation and smooth labour market transitions, with the active involvement of social partners.
RRF roll-out
The NextGenerationEU recovery instrument and the new multiannual financial framework will provide a total of €1.8 trillion in EU financing in the period 2021–2027.
NextGenerationEU will provide €750 billion to kick-start the recovery through specific programmes:
The RRF is a temporary recovery instrument allowing the European Commission to raise funds to help Member States make reforms and investments that are in line with the EU’s priorities and that address the challenges outlined in country-specific recommendations.
Fiscal policy recommendations
The following are recommendations for 2022.
Beyond 2022:
In 2022, more precise guidance for subsequent years should be provided once the level of uncertainty has declined.
Member State macroeconomic imbalances
The Commission undertook an in-depth review of the 12 Member States with macroeconomic vulnerabilities because of imbalances or excessive imbalances, made a series of detailed recommendations (listed in an Appendix) and reported on their progress:
The COVID-19 pandemic has led to a setback in the reduction of macroeconomic imbalances observed over the past decade.
The level of implementation of the country-specific recommendations has remained broadly stable over the past few years but slightly decreased in the previous 12 months, reflecting the fact that Member States have focused their policy action on immediate crisis mitigation.
Overall, since 2011, Member States have made the most progress on country-specific recommendations on access to finance and financial services, followed by progress with legislation governing labour relations and employment protection. At the same time, progress has been particularly slow in reforming health and long-term care and broadening tax bases.
For further information, see:
Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and the European Investment Bank – Economic policy coordination in 2021: overcoming COVID-19, supporting the recovery and modernising our economy (COM(2021) 500 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Belgium (COM(2021) 501 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Bulgaria (COM(2021) 502 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Czechia (COM(2021) 503 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Denmark (COM(2021) 504 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Germany (COM(2021) 505 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Estonia (COM(2021) 506 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Ireland (COM(2021) 507 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Greece (COM(2021) 508 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Spain (COM(2021) 509 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of France (COM(2021) 510 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Croatia (COM(2021) 511 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Italy (COM(2021) 512 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Cyprus (COM(2021) 513 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Latvia (COM(2021) 514 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Lithuania (COM(2021) 515 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Luxembourg (COM(2021) 516 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Hungary (COM(2021) 517 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Malta (COM(2021) 518 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of the Netherlands (COM(2021) 519 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Austria (COM(2021) 520 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Poland (COM(2021) 521 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Portugal (COM(2021) 522 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Romania (COM(2021) 523 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Slovenia (COM(2021) 524 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Slovakia (COM(2021) 525 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Stability Programme of Finland (COM(2021) 526 final, 2.6.2021).
Recommendation for a Council recommendation delivering a Council opinion on the 2021 Convergence Programme of Sweden (COM(2021) 527 final, 2.6.2021).
Communication from the Commission – Enhanced Surveillance update – Greece, June 2021 (COM(2021) 528 final, 2.6.2021).
Report from the Commission – Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Slovenia, Slovakia, Finland and Sweden – Report prepared in accordance with Article 126(3) of the Treaty on the Functioning of the European Union (COM(2021) 529 final, 2.6.2021).
Recommendation with a view to bringing an end to the situation of an excessive government deficit in Romania (COM(2021) 530 final, 2.6.2021).
Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, pp. 17–75).
Successive amendments to Regulation (EU) 2021/241 have been incorporated in the original text. This consolidated version is of documentary value only.
last update 27.06.2022