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The Next Generation EU (NGEU) – €360 billion in loans and €390 billion in grants – is a break from the austerity policy adopted after the financial crisis of 2007–2008 as the EU's main response to economic crises. [20]
For that purpose, the EU has mobilized €20.28 billion in current prices. To be precise, the Just Transition Fund comprises €9248 million from the EU’s financial programme, €10872.9 million from Next Generation EU funds, and €167.7 million stemming from other countries and entities’ contributions. [21]
The EU has a long-term budget, named Multiannual Financial Framework (MFF), of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI. [51]The overall budget for the period 2021-2027 is of €1.8 trillion combining the MFF of €1,074.3 billion with an extraordinary recovery fund of €750 billion, known as Next Generation EU, to support member states hit by the ...
Checks on travelling by air and sea from Bulgaria and Romania were lifted in March 2024, but land checks continued until Austria last month dropped a veto it had maintained on t
The ancient Roman Agora in Athens illuminated with a Next Generation EU sign. Next Generation EU (NGEU) is a European Commission economic recovery package to support the EU member states to recover from the COVID-19 pandemic, in particular those that have been particularly hard hit. It is sometimes styled NextGenerationEU and Next Gen EU, and ...
Bulgaria and Romania joined the EU on 1 January 2007 with each being granted a single Commissioner, increasing the college of Commissioners to 27 members. Both new Commissioners were approved by the Parliament on 12 December 2006. [ 12 ]
The Rule of Law Conditionality Regulation is a regulation of the European Union and Euratom, which allows the European Commission to adopt measures, including the suspension of payment of funds from the EU budget, to member states which violate the principles of rule of law enshrined in article 2 of the Treaty on European Union.
[5] [6] Initially agreed to in July, the Next Generation EU fund, consisting of 750 billion EUR in grants and loans, was held up when Poland and Hungary vetoed the European Union's proposed seven-year budget, as they both opposed how the distribution of funds was conditional upon respecting the rule of law.