EU's Covid recovery fund was 'absolutely a success': European Court of Auditors' Pierre Moscovici
Summary
The European Court of Auditors says the EU's Covid recovery fund, called the Recovery and Resilience Facility (RRF), was very successful in helping member countries recover from the pandemic. The fund provided €450 billion in grants and loans since 2021, especially helping countries like Spain and Italy recover quickly.Key Facts
- The EU created a €750 billion joint borrowing plan called Next Generation EU to support economic recovery from Covid-19.
- The Recovery and Resilience Facility (RRF) has distributed €450 billion in grants and loans to EU countries since 2021.
- This fund is seen as a successful example of European countries working together financially during a crisis.
- The European Court of Auditors is now evaluating how effective the money has been in producing results.
- There is discussion about whether this type of financial cooperation should become permanent or guide future EU budgets.
- Italy and Spain were two countries that benefited significantly from the fund.
- Managing debt is a concern for both the EU level and individual countries like France, which has high national debt.
- The EU still holds a strong credit rating (triple A), but its debt will need to be repaid over many years.
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