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European Council adopts conclusions on MFF and NGEU

European Council adopts conclusions on MFF and NGEU

On 21 July 2020, the European Council adopted conclusions on the EU recovery plan and multiannual financial framework for 2021-2027.

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On 21 July 2020, the European Council adopted conclusions on the EU recovery plan and Multiannual Financial Framework for 2021-2027.

The conclusions were reached following days of negotiations among the Heads of the Member States on a financial package that had been presented by the EU Commission combining the future Multiannual Financial Framework (MFF) and a specific recovery effort under Next Generation EU (NGEU).

NGEU is a fund to support the recovery and resilience of the economies of the Member States in the midst and following the COVID-19 crisis. For NGEU the Commission shall be empowered to borrow funds on the capital markets on behalf of the Union up to the amount of EUR 750 billion for the sole purpose of addressing the consequences of the COVID-19 crisis. The funds borrowed may be used for loans and expenditure.

For MFF 2021-2027, the overall amount for commitments is EUR 1,074.3 billion. 

The next step will be for the Council to take up negotiations with the European Parliament with a view to ensuring finalisation of work on all legal acts in accordance with the relevant legal basis. As soon as the Own Resources Decision has been adopted, Member States will proceed with its approval as soon as possible, in accordance with their respective constitutional requirements.

Read the details of the conclusions reached and fund allocations.

Should you have any queries or wish to discuss further, please send an email to covid@kpmg.com.mt.

European Council adopts conclusions on MFF and NGEU

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2020 KPMG, a Maltese civil partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.


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