Specific measures to encourage Greece’s recovery

SUMMARY OF:

Regulation (EU) 2015/1839 — specific measures for Greece under the EU’s Structural and Investment Funds

SUMMARY

WHAT DOES THIS REGULATION DO?

It establishes measures that increase the initial pre-financing* and the co-financing rates* for certain programmes in Greece supported by the European Structural and Investment Funds — i.e. the European Regional Development Fund (ERDF), the European Social Fund (ESF), the Cohesion Fund (CF) and the European Maritime and Fisheries Fund (EMFF) for the 2014-2020 period.

KEY POINTS

• In both 2015 and 2016, an additional (to the previous 1 %) pre-financing rate of 3.5 % of the total amount of support from the funds for 2014-2020 period will be paid to programmes under the investment for growth and jobs goal, financed by the ERDF, the ESF and the CF, as well as to programmes financed by the EMFF.
• Co-financing rates for Greek 2007-2013 programmes for the convergence objective (for regions where gross domestic product per head is under 75 % of the EU average) and the regional competitiveness and employment objective in Greece are increased to 100 %.
• The ceiling for payments to these programmes before the end of the programming period is also raised to 100 %.
• Greece will establish a reporting mechanism to ensure that financial resources are effectively spent.

BACKGROUND

The financial crisis had led to persistently negative growth rates in Greece as well as to serious liquidity problems and a lack of public funds available for much-needed investments to boost growth and job creation. The regulation introduces specific measures to ensure that European funding is effectively used for investments on the ground and reaches beneficiaries as rapidly as possible

KEY TERMS

* Pre-financing is a payment intended to provide the programme authorities with liquidity to start programme implementation.

* Co-financing is the requirement for EU funding to be matched with funding from national and/or regional levels in order to increase the leverage effect and ownership of investments.

ACT

Regulation (EU) 2015/1839 of the European Parliament and of the Council of 14 October 2015 amending Regulation (EU) No 1303/2013 as regards specific measures for Greece (OJ L 270, 15.10.2015, pp. 1-3)

RELATED ACTS

Regulation (EU) No 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund and repealing Council Regulation (EC) No 1083/2006 (OJ L 347, 20.12.2013, pp. 320-469)

last update 08.03.2016