Debate: State of play of the RRF
Date: WEDNESDAY, 15 DECEMBER 2021
Speaker: Anže Logar
Language: EN

Beyond its economic impact, the Facility is a strong sign of European unity and ambition. The unprecedented solidarity shown through the RRF requires everyone to use its funds responsibly and efficiently. The Facility also offers a unique opportunity to enhance investment coordination across the EU, and joint coordinated action at European level is more effective and benefits Member States more than uncoordinated individual national efforts, not least due to a significant spillover effect across countries.  The RRF, embedded in the European Semester of economic and employment policy coordination, will also become a key tool to implement the policy reform agenda in the years ahead. The reforms included in the National Recovery and Resilience Plan will be instrumental in effectively addressing the country-specific recommendations identified in the context of the European Semester. Hence, national parliaments will play a key role in the timely adoption of the legislative reforms to allow the full implementation of the plans.  A successful RRF requires not only the effective use of its funds, but also a sound and credible financial structure. I very much welcome the fact that the Commission has already raised over EUR 70 billion of Next Generation EU funds, and that it has attracted great interest among international investors. We have come a long way since the adoption of the Facility in February. All Member States, but one, have submitted their RRPs. The Commission has assessed 22 plans and the Council has acted swiftly on the related Commission proposals and adopted all 22 plans, with the tight timeline set out in the regulation.  The RRF has featured on the agendas of all the ECOFIN Councils during this presidency and three extraordinary informal Council meetings. They were also there to accelerate the adoption of the process.  The Council stands ready to examine, without delay, the proposals that the Commission will make for the pending RRPs and to ensure that they all meet the requirements for a positive assessment.  Overall, the plans approved by the Council so far represent EUR 291 billion in non-repayable financing and EUR 154 billion in loans. Member States have allocated almost 40% of spending in their plans to climate measures and more than 26% to the Digital Transition, exceeding the agreed targets of 37% and 20% respectively.  The adoption of the Council implementing decisions has allowed the disbursement since August 2021 of more than EUR 50 billion in pre—financing to 18 Member States, boosting recovery efforts across the Union.  With the approval of the Recovery and Resilience Plans and the first funds distributed to Member States, the focus now crucially turns to the implementation phase. Throughout this phase, checking and monitoring will be vital if the RRF, as a whole, is to be a lasting success. Member States have started to submit their payment requests for the implementation of their plans. Each request will require verification that the relevant milestones and targets are properly met. We, as the co-legislators, have no formal role in the assessment of these requests, which are carried out by the Commission in compliance with the regulation. For its part, the Council will continue to monitor the implementation of the Facility and, as appropriate, provide political impetus and guidance to unroll its full potential.  As I said, the implementation of the Recovery and Resilience Plans will be a key element of the economic surveillance and policy coordination in the context of the European Semester. The Council remains committed to continuing its close engagement with all interested parties at every step of the way to make the RRF a success.