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EuropeMEPs clear another hurdle for the COVID-19 recovery plan

MEPs clear another hurdle for the COVID-19 recovery plan

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News | European Parliament. March 23, 2021

Parliament will vote on three laws on implementing the EU’s Own Resources system, paving the way for its reform and the introduction of new sources of EU revenue.

MEPs will debate and vote on three regulations dealing with the implementation of the reformed system of EU revenue. The laws will work in conjunction with the key Own Resources Decision (ORD), approved by Parliament in September and by Council in December 2020, currently in the process of being ratified by the member states (ratification tracker here). The ORD will also enable the EU to borrow €750 billion for the “Next Generation EU” recovery plan.

The three laws include provisions on calculating and simplifying the EU’s revenue, on managing cash flow, and on monitoring and inspection rights. These are needed to ensure the EU budget’s reformed revenue side continues to function smoothly.

Through these votes, Parliament will speed up the reform of the EU’s revenue, allowing the “Next Generation EU” recovery fund, worth €750 billion, to be used. In addition, new sources of revenue will provide new financing for the EU budget, such as a levy on plastic, and help repay the debt created by the recovery fund. MEPs are expected to appeal to EU countries to ratify the “Own Resources Decision” as soon as possible.

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