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Poland, Austria Approve Own Resources, One Step Closer To RRF Disbursement

EU

Yesterday the final two member state national parliaments approved the European Commission's Own Resources Decision, which will allow the Commission to issue debt in order to fund a EUR750bn COVID-19 recovery fund (the Recovery and Resilience Facility).

  • The Austrian Federal Council and the Polish Senate both approved the decisions, with the formality of approval from each nation's president the final procedural hurdle to cross.
  • With all member state parliaments having ratified the decision, each gov't has to submit for approval plans to the Commission and Council on how they plan to spend their allocated funds. Some, including Austria and Poland, submitted their plans before ratification by their parliaments.
  • So far 19 of the 27 member states have submitted their plans with Romania, Bulgaria, Malta, Ireland, Estonia, Sweden and the Netherlands yet to do so.
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