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Charles Michel's proposal for #MFF and #NextGenerationEU is out! Main takeaways - thread
1. Nextgeneration EU maintained at 750bn, grants/loans ratio as in COM proposal - to avoid overburdening the debt of some countries
1. Nextgeneration EU maintained at 750bn, grants/loans ratio as in COM proposal - to avoid overburdening the debt of some countries
2. Rebates maintained for DE; NL; SE; AT; DK
3. MFF 2021-2017: 1047 billion. That is 53bn less than COM proposal and 47 less than Michel's own proposal from February. Cohesion to remain the same
3. MFF 2021-2017: 1047 billion. That is 53bn less than COM proposal and 47 less than Michel's own proposal from February. Cohesion to remain the same
4. NextGenerationEU and recovery and resilience facility maintained as COM proposal
5. National recovery plans approved by Council at qualified majority (no unanimity as NL wanted)
5. National recovery plans approved by Council at qualified majority (no unanimity as NL wanted)
6. Conditionalities: Country specific recommendations, climate goals, rule of law conditionality in the budget (new mechanism, qualified majority)
7. RRF allocation: 70% as COM proposed, 30% in 2023 based on 2020-2021 GDP drop
7. RRF allocation: 70% as COM proposed, 30% in 2023 based on 2020-2021 GDP drop
8. Debt repayment to start in 2026
9. New own resources in 2021: plastic levy, carbon adjustment mechanism, digital levy
10. 5bn Brexit reserve for most affected countries and sectors
9. New own resources in 2021: plastic levy, carbon adjustment mechanism, digital levy
10. 5bn Brexit reserve for most affected countries and sectors
overall - some concessions to frugals: smaller MFF, rebates, rule of law and Semester, revised allocation, earlier repayment BUT COM proposal main structure largely untouched - will it be enough?
Smaller MFF is a mistake: this is what will remain for long term investment
Smaller MFF is a mistake: this is what will remain for long term investment
