With COVID-19, we are living an unprecedented crisis. While the crisis has hit every Member State, the budgetary firepower of Member States to respond to the crisis is not the same. An incomplete recovery in one Member State can reduce economic growth in countries that emerge faster out of the crisis and in Europe as a whole. Common EU action is needed to ensure that the single market — the bedrock of our European economy — is not unraveled.
The European Commission has proposed a massive €750 billion EU Recovery Plan, Next Generation EU. Through a €560 billion Recovery and Resilience Facility, Member States can request support for longer-term public investments and reforms, with a lasting impact on the European economy’s productivity and resilience, and the European Green Deal and the digital transition as a compass. This will enable Member States and the Union to recover in a coordinated and sustainable manner.
During this event, Veerle Nuyts and Xavier Vanden Bosch, European Semester Officers for Belgium whose task it is to build bridges between the European Commission and Belgian stakeholders, will be engaging with the audience on what opportunities the European Commission has identified for Belgium under this new recovery instrument. They will also explain the central role in this process of the European Semester, the EU socio-economic policies coordination framework.