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European Semester 2021 and Recovery, Transformation and Resilience Plan

Author

Listed:
  • Daniel Alonso
  • María de los Llanos Matea

Abstract

The Recovery and Resilience Facility (RRF), the centrepiece of the Next Generation EU (NGEU) instrument, has become the European Union (EU) economic policy coordination priority. This has made it necessary to temporarily simplify the European Semester. To gain access to the RRF, the Member States (MSs) have to set out the investments and reforms to which the funds will be assigned in their national recovery and resilience plans (RRPs) and which must be aimed fundamentally at responding to climate change-related challenges, digitalisation, the strengthening of human capital and public sector efficiency. The assessment of these plans by the European Commission (EC) will be central to the EU annual economic policy coordination cycle within the European Semester, which retains the habitual Excessive Deficit and Macroeconomic Imbalance procedures.

Suggested Citation

  • Daniel Alonso & María de los Llanos Matea, 2021. "European Semester 2021 and Recovery, Transformation and Resilience Plan," Economic Bulletin, Banco de España, issue 4/2021.
    • Handle: RePEc:bde:journl:y:2021:i:04:d:ne:n:11
    Note: Economic Notes
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/NotasEconomicas/21/T4/Files/be2104-ne11e.pdf
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    References listed on IDEAS

    as
    1. Mario Alloza & Javier Andrés & Pablo Burriel & Iván Kataryniuk & Javier J. Pérez & Juan Luis Vega, 2021. "The reform of the european Union’s fiscal governance Framework in a new Macroeconomic environment," Occasional Papers 2121, Banco de España.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    European Semester; Next Generation EU; Recovery and Resilience Facility; Recovery and Resilience Plan; macroeconomic imbalances; General Escape Clause; structural reforms.;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F6 - International Economics - - Economic Impacts of Globalization
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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