The key point was recalled by the EU Commissioner for Economy, Paolo Gentiloni, during the final conference of the Eurogroup: in the second quarter, the EU GDP fell by 12.2%. An unprecedented economic shock – he stressed – which requires an unprecedented response. Yesterday finally there was the definitive go-ahead for the new credit line of the Mes (funds available from June) and the Sure anti unemployment mechanism (probably operational since July), while there are still details to be defined for the funds of the Bei for SMEs . When fully operational, there will be a total of € 540 billion and much more is needed to restart Europe. Finally, the Commission yesterday announced that the Recovery Fund will be presented on May 27, after several postponements, but from the words of the President of the Eurogroup, Mrio Centeno, it is clear that there is still a way to go to resolve the differences between the Member States even if there is agreement on the key characteristics: it must be temporary, targeted and commensurate with the extraordinary costs of this crisis, which must help spread them over time and must guarantee solidarity with the most affected countries.
The Recovery Fund
For the Eurogroup, recovery must be an opportunity to accelerate the modernization of our economies, in particular the transition to green and digital. For weeks, negotiations have moved to the Recovery Fund, or Recovery Instrument as the Commission prefers to call it, which has the task of outlining it. In recent days, Commissioner Gentiloni has spoken of a firepower equal to one thousand billion. But the EU Parliament was more ambitious and on Friday voted by a large majority (505 s against 119 no) for a resolution calling on the Commission for a 2 trillion instrument. The Recovery Isntrument linked to the next EU multi-annual budget, on which the co-decision Parliament and budgetary authority. If he is not satisfied with the proposal, he could veto it.