MISSEDLINK

EU Leaders seal Historic € 750bn Recovery Plan - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

• "EU leaders reach a historic agreement on a € 750bn recovery fund - and the long-term spending plans for the European Union !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the heads of state and government finally give their seal of approval to a plan - for the EU to jointly borrow debt to be disbursed through grants !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the end of the long process is announced by the European Council President, Charles Michel - with a single word: "Deal !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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• "France’s President, Emmanuel Macron, describes it as a - "historic day for Europe !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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• "Ursula von der Leyen, the European Commission President, says the negotiations - have been "worth it !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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• "for the seven-year budget for the European Union - and a one-off economic stimulus !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to disburse vast sums of money in the form of non-repayable grants - to countries which need them most !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the breakthrough follows a new proposal of solidarity from Michel - for the EU to pay out € 390bn in grants !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and € 360bn in loans - from the new economic reconstruction fund !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "this recovery fund is indeed a historic change - and a historic step for Europe !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "says Emmanuel Macron - in a joint press conference with Angela Merkel !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "they describe it as a - "historic day for Europe !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

 

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• "as part of the compromise, the "frugals" Sweden, Netherlands, Austria, and Denmark - receive significant increases in the rebates - they received on their budget contributions !!!!!!!!!!!!"

 

 

 

 

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• "the British departure of the EU have changed the balance among the remaining 27 members - and creates a new dynamic !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "on the rule of law, many countries wanted a link to EU funds - for example Hungary and Poland’s governments, who are previously accused of undermining judicial independence and minority rights !"

 

 

 

 

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• "the compromise agreed by the leaders instead puts off designing a rule of law mechanism - to be made by a qualified majority of member states !!!!!!!!!!!!"

 

 

 

 

 

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• "the EU leaders agree to increase the core recovery fund - the so-called recovery and resilience facility !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it is the main economic stimulus - to fund the EU transition to a net zero carbon economy - by 2050 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "there is a specific fund to help countries ditch coal, the just transition fund - with a budget of € 17.5bn !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "beside the recovery fund there is an agreement on € 1.074tn on EU programmes - the EU’s seven-year budget !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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EU agrees to € 1.8tn seven-year Budget and Recovery Fund - the Guardian: LINK ¤ the GUARDIAN

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• "the European Union’s unprecedented € 1.8tn seven-year budget - and recovery fund !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "is agreed after Hungary and Poland lifted their objections - to a link between payments and maintaining the rule of law !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• ""now we can start with the implementation - and build our sustainable economies" - the President of the European Council, Charles Michel, says !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "our landmark recovery package drives forward our green - and digital transitions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the seven-year EU budget, known as the multiannual financial framework - and the recovery fund, known as Next Generation EU !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "Hungary and Poland had claimed that a rule-of-law condition on the payment of funds - designed to be a block on corruption !!!!!!!!!!!!"

 

 

 

 

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• "was legally vague and could be used to punish them over political differences - ranging from attitudes to migration and human rights !!!!!!!!!!!!"

 

 

 

 

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• "they finally gave their backing on the basis of a text reassuring them - that conditions would only relate to future spending !!!!!!!!!!!!"

 

 

 

 

 

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• "the European Court of Justice will also rule on the legality of the tool - if it is challenged !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the EU’s supreme court will provide judgment - on how to trigger the mechanism !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "delaying the implementation of the clause beyond 2022 - when Orbán is facing national elections !"

 

 

 

 

 

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• "the two governments had been warned that the 25 other member states - might go it alone !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "in agreeing the recovery fund - if they continued to stand in the way of it being paid out !!!!!!!!!!!!"

 

 

 

 

 

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• "countries such as Sweden and the Netherlands have been vocal in insisting - on maintaining the condition !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "on the basis that they can not turn a blind eye - to poor governance !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "both Hungary and Poland are accused of undermining the independence - of their judiciaries !"

 

 

 

 

 

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• "the European Parliament, which negotiated the draft rule-of-law mechanism with the EU - backs the compromise sealed at the summit !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "Rasmus Andresen, one of the MEPs who have negotiated the mechanics of the rule-of-law condition - says Orbán failed !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "crucially, the legislative text on the rule-of-law mechanism remains unchanged - thanks to pressure from the European Parliament !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the legal text remains unchanged - Viktor Orban has failed !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the political declaration of the member states has no meaning for the European Parliament - it remains a non-binding political declaration !!!!!!!!!!!!"

 

 

 

 

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• "a unilateral political declaration of intent must not - and cannot prevent legislation !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

______________________________________________________________________________

EU's multi-billion Recovery Fund gets go-ahead from European Parliament - Euronews: LINK ¤ EURONEWS

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• "at the heart of Europe's recovery plan - is the € 672.5 billion Recovery and Resilience Facility !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to help the economy - made up of € 312.5 billion in grants - and € 360 billion in loans !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the European Parliament now votes to approve the RRF - confirming the political agreement reached in December 2020 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the vote on 10 February paves the way for the RRF to come into force - in the second half of February 2021 !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "to access the money - member states need to prepare national recovery plans !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "showing they allocate at least 37% of the funds - to the transition to a greener economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and at least 20% to initiatives - to digitise their economies !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the money must be spent on public investments and reforms - and to strengthen the country's sustainable economy !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "France drawns up a € 100 billion national recovery plan - with € 40 billion to come from the EU’s recovery and resilience facility !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "about a third of this - € 30 billion - is spent on the transition to a greener economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "this includes investments in building renovations - clean transport - and decarbonizing industry !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the green hydrogen sector receives € 7 billion - € 2 billion from the recovery plan - and an additional € 5 billion by 2030 !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "French energy companies Total and Engie launch the Masshylia project - in Châteauneuf-les-Martigues in Provence !!!!!!!!!!!!"

 

 

 

 

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• "it is France's largest green hydrogen production site - used to make biofuel, a cleaner alternative to diesel !!!!!!!!!!!!"

 

 

 

 

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• "the past biorefinery had used what was known as "grey" hydrogen, fossil fuels - it is replaced with green hydrogen !!!!!!!!!!!!"

 

 

 

 

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• "produced using solar panels - Total estimates this reduces their carbon footprint by 15,000 tonnes of CO2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the project is counting on public funds - to kickstart the green hydrogen sector !!!!!!!!!!!!!!!!!!!!!!!! - ( the cost to produce the first units were higher - so you need to help at the start ! )"

 

 

 

 

 

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• "the Masshylia project also helps the region's economic stimulus - between 50,000 and 150,000 direct and indirect jobs are created !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and the financial investment helps the region - to protect the climate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "projects like the green hydrogen plant in France - are the kind of projects the European Commission !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "wants to see governments invest in - says European Commission Vice President Valdis Dombrovskis !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "a substantial part of the recovery and resilience facility is to be linked - with our work towards climate neutrality !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• ""clean hydrogen is clearly one of those work directions" - says Dombrovskis !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "it is for each member state to decide - which projects they are exactly putting forward !!!!!!!!!!!!"

 

 

 

 

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• "EU countries are in the process of submitting their - nation recovery and resilience plans - to the European Commission !!!!!!!!!!!!"

 

 

 

 

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• "there are other initiatives for a green transition - that governments can consider investing in !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "other activities that can be financed in renewable energies - are in what we are calling a renovation wave !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "so improving the energy efficiency of buildings - and many other areas !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "EU leaders struck a deal on the recovery fund in December 2020 after complicated negotiations - says Dombrovskis !!!!!!!!!!!!"

 

 

 

 

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• "but we have created an unprecedented financial package - from the EU point of view !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it is a very substantial amount of money - so now the main thing is that this money really goes to the economy - and it's well spent !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the largest funds receives Italy - the second largest Spain - and the third largest France !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the European Commission starts with paying after approval of the plan - of 13% of pre-financing !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "so that is a substantial amount of money - immediately flowing towards the member states !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "there is another important element: the European Commission goes to the markets - and borrows this money !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the pressure is on to get the recovery funds in Europe - where they are most needed - as soon as possible !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

______________________________________________________________________________

the Recovery Plan for Europe - European Union: LINK ¤ EUROPEAN UNION

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• "the European Union is working to turn its € 750 billion recovery package - Next Generation EU - into action !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and the EU is working to turn the € 672.5 billion Recovery and Resilience Facility - RRF - into concrete action !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the EU Council today adopts the regulation establishing the Recovery and Resilience Facility - which lies at the heart of the EU’s recovery plan !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it makes € 672.5 billion in grants and loans - available for public investment and reforms in the 27 member states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the funds help member states address the economic - and social impacts !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "whilst ensuring that their economies - undertake the green and digital transitions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "becoming more sustainable and resilient - and to build resilient and inclusive societies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "António Costa, Portugalʼs Prime Minister says:  "with the Recovery and Resilience Facility in place - it is time to focus all efforts !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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• "on the preparation and submission - of ambitious national recovery and resilience plans !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the new facility offers the EU member states the unprecedented possibility - of supporting recovery !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and of undertaking green and digital transitions - in an inclusive way !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "we need to make the best use - of this opportunity !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "in order to receive support, member states need to set out - in their national recovery and resilience plans !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "a coherent package of reforms and investment projects - covering six policy areas of European relevance:  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the green transition !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "digital transformation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "smart, sustainable, and inclusive growth - and jobs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "social - and territorial cohesion !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "health - and resilience !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and policies for the next generation - including education and skills !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

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• "support is linked to country-specific recommendations - under the European Semester !!!!!!!!!!!!"

 

 

 

 

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• "which identify central challenges for each member state to address - to strengthen social and economic cohesion !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it also contributes to the implementation - of the European Pillar of Social Rights !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "many of the key requirements concern - the EU’s green and digital objectives !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "at least 37% of each plan’s allocation has to support - the green transition !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and at least 20% - the digital transformation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "in addition, all measures included in member states’ plans has to respect the - "do no significant harm" principle !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to protect the EU’s - environmental goals !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "importantly, member states also need to ensure - that adequate control systems are put in place - to prevent !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "detect and correct corruption - fraud - and conflicts of interest !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "member states have until 30 April, as a rule - to submit their recovery and resilience plans to the EU Commission !!!!!!!!!!!!"

 

 

 

 

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• "then, generally, the EU Commission has up to two months to assess the plans - and subsequently the Council has four weeks to adopt its decision on the final approval of each plan !!!!!!!!!!!!"

 

 

 

 

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• "for the plans approved in 2021, member states are able to get pre-financing - of up to 13% of the grants and loans provided for in their plan !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the rest of the funds will be paid based on the achievement - of the agreed milestones and targets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "for the money to start flowing - the EU’s own resources decision needs to be ratified in all member states first !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "since the decision authorises the EU Commission - to borrow on the capital markets !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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the Structures of the Eurozone - Missed Link:

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• "at the beginning there had been - some German economic orthodoxy !"

 

 

 

 

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• "but this was too one-sided - and was too short-sighted !"

 

 

 

 

 

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• "and had not been the best - for the Eurozone !"

 

 

 

 

 

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• "the question is - how can the Euro be sustainable ?!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "what are the best political and economic structures - for the Eurozone ?!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "some countries were able to devalue their currency - in former times !!!!!!!!!!!!"

 

 

 

 

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• "what do they get today - instead ?!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "to search for the right balance - between the states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and to find the right balance - between the states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the better the Eurozone - the better for each country !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "for the benefit - of all Euro states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

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Bailout - Wall Street Journal: LINK ¤ WALL STREET JOURNAL

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• "the IMF urges Europe to give Greece - some debt relief !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "but Germany - had opposed !"

 

 

 

 

 

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• "had tried to push Greece to implement austerity measures - and broader economic overhauls !"

 

 

 

 

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• "its voters have twice - rejected !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the European countries should come together to discuss ways - to cancel at least some of the debt !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it had be done before when Germany’s debts were cancelled after 1945 - and it should be done again !!!!!!!!!!!!"

 

 

 

 

 

 

 

 

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Currency Union - Bloomberg: LINK ¤ BLOOMBERG

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• "for a currency union - to handle widely divergent economies !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "they must be deeply integrated - across multiple dimensions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "various mechanisms for smoothing over - differences among its states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the mechanisms include large - fiscal transfers !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "by necessity currency unions - are transfer unions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "( about 2.0 percent - of the gross domestic product of the states !!!!!!!!!!!!!!!!!!!!!!!! - ( and not 0.2 percent - of its GDP ! ))"

 

 

 

 

 

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• "large-scale fiscal transfers are not - the only mechanism needed !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

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• "every year, the ECB, the European Central Bank - and the central banks of the states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "should reallocate assets - and smooth over regional imbalances !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "( for example, a Euro-area sovereign-bond arrangement - that pools deficits !!!!!!!!!!!!!!!!!!!!!!!! )"

 

 

 

 

 

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• "the Euro was never conceived as an end in itself - it was created as a means toward greater unity, and growth !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "Europe must integrate - far more deeply !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"