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The EU Commission will approve further national Recovery and Resilience Plans next week, following approval of the Portugal, Spain, Denmark and Greek plans in recent days.

"Tomorrow will be the turn of Luxembourg; several more will follow next week. The first NextGen funds were raised on the markets this week in a successful bond sale that bodes very well for the future. In other words, Next Generation EU is taking off," Gentiloni said at a press conference following today's Eurogroup meeting.

The commissioner also welcomed first quarter euro zone growth data published by Eurostat last week, showing a decline in GDP only half of what had been forecast. "This puts us on a stronger footing from which to rebound. I will present the Commission's summer economic forecast on 7 July," he said.