October 27
2020
Dolores Utrilla
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18th September 2020
Banking & Finance Covid-19 Institutional law

Commission presents 2021 Annual Sustainable Growth Strategy and strategic guidance for implementation of the Recovery and Resilience Facility

Yesterday, the European Commission published its 2021 Annual Sustainable Growth Strategy (ASGS), which launches this year’s European Semester cycle, as well as strategic guidance for the implementation of the Recovery and Resilience Facility (RRF). 

This year’s ASGS is in continuity with the previous one, in the sense that the four dimensions of environmental sustainability, productivity, fairness and macroeconomic stability remain its guiding principles. Moreover, these dimensions will underpin Member States’ recovery and resilience plans (RRP) and their national reforms and investments.

As explained here, Member States should submit their draft RRP outlining national investment and reform agendas in order to benefit from the RRF, the key recovery instrument at the heart of NextGenerationEU, designed to help the EU emerge stronger and more resilient from the current crisis. The RRF will provide an unprecedented 672.5 billion euros of loans and grants in frontloaded financial support for the crucial first years of the recovery.

The Commission also presented additional guidance to Member States on how best to present their RRP, which lies at the heart of the RRF, together with a standard template for such plans. The deadline for submission of the RRP is 30 April 2021, although Member States are encouraged to submit their preliminary draft plans from 15 October 2020 and to engage as soon as possible in a broad policy dialogue (including all relevant stakeholders) to prepare their RRP and to interact with the Recovery Task Force and DG ECFIN to discuss their draft plans.

The Commission called on the European Parliament and the Council to agree as quickly as possible on the legislative proposal so that the RRF becomes operational as of 1 January 2021.

The Communication on the 2021 ASGS is available here. Click here to read the Guidance to Member States on RRP, and here to access the draft template for RRP.

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