Financing the recovery must not burden the next generation – EP

General view of hemicycle during voting at a plenary session of the European Parliament in Brussels, Belgium, 17 April 2020. Due to the coronavirus pandemic the plenary session is reduced to one day and mainly through video conference. EPA-EFE/OLIVIER HOSLET

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Financing the recovery must not burden the next generation. The European Parliament stressed this point prior to the final decisions that need to be taken by the EU Member States collectively regarding the EU’s regeneration plan and long-term budget.

During a press conference yesterday, the Chair of the Committee on Budgets, Johan Van Overtveldt (ECR, BE), said: “For the recovery strategy and the next long-term budget to come into being, it will require 27 member states to be on board, strong leadership and brokering from the EU Commission and, last but not least, the European Parliament’s full engagement. Parliament is ready to work quickly, but it will not throw away its rights and powers.

There is no reason why the responsibility to move rapidly should only fall to the European Parliament, which has been waiting for the Council to find an agreement among member states for almost two years.”

Do not neglect long-term priorities, protect next generation

“For Parliament to give its consent to the next multiannual financial framework 2021-2027, its programmes must be sufficiently endowed so that long-term priorities can be tackled, not just the immediate recovery needs.

New sources of EU revenue – so-called Own Resources – are even more necessary now in order to cover the refinancing costs of the recovery instrument through means other than additional national contributions or a reduced EU budget that would punish the next generations. As for the recovery instrument itself, full democratic accountability and transparency through parliamentary participation and oversight must be guaranteed”, Mr Van Overtveldt added.

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