Recovery plan funds must be mobilized as soon as possible for 2021-2027.

With an agreement on the EU budget 2021-2027, the Recovery funds should be paid out as soon as possible, said the chairman of the Budgets Committee, Johan Van Overtveldt. However, Van Overtveldt acknowledged that a number of obstacles would have to be overcome before the recovery plan funds begin to benefit citizens and businesses in Europe. He also called on the Council and EU countries to finalize the process.

According to Van Overtveldt, Parliament intends to give the green light to the long-term budget at the plenary session at the end of November. The MEP made it clear that the Parliament has never sought to slow down the process.

The chairman of the Budgets Committee explained that it is now the turn of the Council and the Member States to approve the European Recovery Plan, for which the unanimity of the twenty-seven is required, as well as the ratification of the decision to borrow funds on the financial markets in all EU countries. Van Overtveldt acknowledged that, in the best case scenario, the Commission could start borrowing early next spring.