July 31
2021
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Trajan Shipley
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1st June 2021
Banking & Finance Covid-19 Institutional law Tax

Own Resources Decision ratified by all Member States

The Council of the EU has announced that it has received formal notifications from all 27 Member States of ratification of the Own Resources Decision, enabling the European Commission to borrow up to 750 billion euros in capital markets on behalf of the EU and to start making available funds to Member States under the Recovery and Resilience Facility.

The ratification of the Own Resources Decision was a precondition for the use of the Recovery and Resilience Facility. The decision lays down rules on the allocation of own resources to the EU in order to ensure the financing of the EU’s annual budget and constitutes an essential piece of the EU budgetary framework.

In some cases, such as Germany, the process was met with cert

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