Europaudvalget 2025
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EUROPEAN
COMMISSION
Brussels, 4.6.2025
COM(2025) 310 final/2
COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN
PARLIAMENT AND THE COUNCIL
NextGenerationEU - The road to 2026
EN
EN
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NextGenerationEU – The road to 2026
With one and a half years left to bring the Recovery and Resilience Facility (RRF) to a
successful conclusion, this Communication takes stock of the implementation of this
unique temporary instrument and looks ahead towards its closure end-2026.
The Communication first summarises the key results achieved by the RRF and takes stock
of the overall implementation so far. It then recalls the applicable legal framework and the
relevant deadlines, together with their operational implications as regards the submission
of payment requests, the provision of evidence, the payment suspension procedure and the
revision of recovery and resilience plans (RRPs). To maximise results in the face of delays
and the approaching end of the Facility, guidance to Member States is then provided on
how to further streamline their RRPs, which options to consider when revising them, and
how to plan ahead for the submission of the last payment requests in 2026.
1.
T
HE
RRF
IS SHOWING TANGIBLE RESULTS ON THE GROUND
1.1. A swift reaction to the pandemic leading to long-lasting growth effects
The Recovery and Resilience Facility has been a game-changer in Europe's response
to the impacts of the COVID-19 pandemic.
Its announcement in 2020, as the core
element of NextGenerationEU (NGEU), showcased the Union’s commitment to a
comprehensive and forward-looking action to quickly and sustainably recover from the
dramatic impacts of the pandemic. The first effects were immediate: markets and investors
responded positively, sovereign bond spreads narrowed, and financial stability was
reinforced, thus stabilising economic and social conditions for EU citizens and
businesses (
1
).
The RRF’s support has fuelled Europe’s recovery.
The RRF’s pre-financing (
2
) quickly
provided financial support to Member States. In contrast to previous crises, which led to a
sharp contraction of public investment in the EU, public investment was maintained in the
aftermath of the COVID-19 crisis. It is expected to rise to 3.8% of GDP in 2025 before
stabilising in 2026, up from 3.2% in 2019 (
3
). A significant part of this increase is related
to investments financed by the RRF and other EU funds. The impact on GDP growth is
expected to be long-lasting. Model simulations suggest that NGEU investments alone, that
is without considering the impact of reforms, could increase EU GDP by 1.4% in 2026 (
4
).
Combining reforms and investments under one comprehensive plan has been one of
the most effective features of the RRF.
Reforms, often frontloaded in the RRPs, have
improved framework conditions in the Member States and paved the way for related
investments to be more effective. Moreover, the RRF has fostered the implementation of
structural reforms that had long been advocated for in the country-specific
recommendations (CSRs) in the context of the European Semester. Overall, the
(
1
) Mid-term evaluation of the Recovery and Resilience Facility (RRF), 2024;
Insights from the Recovery
and Resilience Facility: The Business Perspective - European Commission
(
2
) Close to EUR 57 billion were disbursed in pre-financing between August 2021 and January 2022. This
helped alleviate the short-term impact of the crisis on Member States budgets
(
3
) Spring 2025 Economic Forecast:
European Economic Forecast. Spring 2025
(
4
) Mid-term evaluation of the Recovery and Resilience Facility (RRF), 2024
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implementation of CSRs has accelerated, with Member States addressing long-standing
challenges, reflecting also common EU priorities (
5
).
The RRF is being financed by joint EU borrowing at an unprecedented scale.
EU
issuances benefit from a very high credit rating, which also allows Member States to
receive RRF loans at favourable conditions in terms of both interest rates and long
duration. EU borrowing is guaranteed by the EU budget, is appreciated by investors, and
has created a large amount of euro-denominated assets that provide an important
benchmark to European financial markets and strengthen the position of the euro in
international markets.
1.2. Investments and reforms produce results on the ground
The support provided by the RRF covers a large variety of policy areas, reflecting
the instrument’s ambition to deliver structural change.
The RRF is the first
performance-based instrument of this magnitude in the EU. Payments to Member States
are made for tangible progress in reforms and investments. The achieved milestones and
targets translate into concrete benefits to citizens and business in various areas: from
education and healthcare to energy, transport infrastructure, business environment, digital
public services, employment policies, rule of law or research and innovation. Policy targets
have been instrumental in steering the reforms and investments in line with EU priorities.
Member States' plans have exceeded the 20% and 37% targets on digital and climate
objectives respectively. For the RRF as a whole, estimated climate expenditure amounts to
about 42%, with some Member States dedicating over 50% of their total plan to the EU's
green transition.
Given the deep economic integration of EU economies, the benefits from each RRP
extend well beyond national borders.
The increase in demand triggered by the RRF in
one sector leads to higher demand for imported final or intermediate goods from other
Member States, benefitting many European companies. For instance, the increase in
production of electric cars in Germany or France benefits the producers of car components
across many more Member States. Similarly, companies of one Member State can be
involved in measures of another country's RRP. For example, Cyprus’ RRP is funding the
construction of three water reservoirs that were produced by an Austrian company to
enhance water security in Nicosia and Larnaca (Cyprus).
The impact of the RRF is visible across the EU. Spillover effects can, in some Member
States, more than double the direct impact of the national RRF envelope by 2030
(
6
).
Given the scale of their RRPs, Italy and Spain stand out as the two main beneficiaries in
terms of expected GDP growth. Significant GDP gains are also projected for Greece,
Poland, Portugal, and Romania, largely driven by the direct effects of their national plans,
namely an immediate boost in production and employment in recipient industries, along
with increased demand for inputs from domestic suppliers. The third-largest beneficiary of
the RRF is Germany, in large parts thanks to spillovers from other Member States’ plans.
In Germany, Austria, and Denmark, spillover gains more than double the direct impact of
their respective RRPs, while spillover gains triple the direct impact for the Netherlands,
(
5
) During the RRP implementation period, the share of 2019-2020 CSRs reaching at least ‘some progress’
increased from 52% in 2021 to 75% in the 2024 CSR assessment.
(
6
) Source: ‘Economic impacts of the Recovery and Resilience Facility: new insights at sectoral level and
the case of Germany’, Michels et al. (2025)
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Ireland and Luxembourg. Belgium, Finland and Sweden also see considerable benefits
with spillovers nearly doubling the direct impact. In France, spillovers boost the direct
impact by half of its national envelope. EU countries that are highly integrated in the Single
Market benefit from the strongest spillover-to-GDP effects. The highest spillover gains
relative to GDP are observed in Slovakia, Slovenia, and Czechia, due to their deep
integration into EU value chains.
Figure 1: RRF Impact on the ground (
7
)
(
7
) Data as of 31 December 2024. Source:
common indicators
and
thematic analyses.
For Denmark’s annual
electricity consumption, see
Eurostat data on Supply, transformation and consumption of electricity in
2023.
For the installed capacity of wind and solar energy, see
Wind energy in Europe: 2024 Statistics
and the outlook for 2025-2030 | WindEurope
and
EU Market Outlook for Solar Power 2024-2028 -
SolarPower Europe.
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The RRF Drives Structural Change (
8
)
Many of the reforms included in the RRPs lead to structural improvements in Member
States’ economies and societies.
A quarter of RRF reforms improve the quality of institutions, a key pillar of long-term
growth. These measures aim to modernise public administration, optimise taxation
systems, enhance public procurement, and strengthen the judiciary, anti-fraud and anti-
corruption frameworks.
17% of RRF reforms focus on improving the business environment. This includes
reforms that simplify regulation, support research and development, enhance financial
market functioning, and facilitate the digitalisation of businesses.
Many reforms also aim to improve skills and labour market outcomes. These include
reforms to strengthen education systems, improve labour market functioning, and
enhance the sustainability of social security and pension systems.
Approximately two thirds of these reforms have already been implemented, creating the
adequate framework conditions for related investments.
(Source: Commission analysis, national recovery and resilience plans)
Skills & labour
13%
Labour market
Energy (incl. permitting)
3%
Education
11%
9%
Transport
7%
Modernisation of
buildings (e.g. energy
efficiency)…
Water supply & waste
3%
Agriculture
2%
Digital & IT sector
5%
Simplification of regulation (cross-
cutting)…
Research &
Development
3%
Professional and technical
Public administration
activities…
Financial Markets
8%
Business
2%
Social Housing
1%
Culture
Social (incl. long term 1% child
and
care)
3%
Social security (e.g. Pensions)
3%
Health &
Health
Social
6%
15%
Public procurement
2%
Implementation of the
plan
2%
Public spending reviews
2%
Taxation
5%
Green
30%
Justice, anti-corruption and
anti-fraud…
Institutions
25%
17%
Figure 2: Overall distribution of reforms by key policy domains, in % of total number of reforms
(total= 1,131) (
9
)
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2.
T
HE TIME REMAINING FOR IMPLEMENTATION IS SHORT
2.1.
Implementation needs to be accelerated in many Member States
The RRF is a temporary instrument, lasting until end-2026 to help Member States
recover from the COVID-19 crisis and make their economies more resilient.
The strict
deadlines of the Facility reflect its temporary nature and its purpose to support the recovery
from the COVID-19 pandemic, which in turn underpins its allocation key. These deadlines
have provided a strong incentive to swiftly implement the reforms and investments in the
RRPs, in line with the goal of the Facility to drive forward a fast economic and social
recovery (
10
).
Overall, implementation and disbursements under the RRF have been fast, notably
for non-repayable support.
This reflects the speed of implementing reforms and
investments, in addition to the provision of pre-financing. By the end of May 2025,
disbursements had reached EUR 315 billion (49% of the total) for the achievement of 2,218
milestones and targets, pertaining to 1,145 reforms and 1,073 investments. In relative
terms, 57% of the total non-repayable support and 38% of the total loan support has been
paid to Member States. The latter also reflects that, when designing the initial RRPs,
Member States have prioritised grant over loan disbursements and a large portion of the
loan support was added only with the REPowerEU chapters in 2023 (
11
). More than 31%
of all milestones and targets have been assessed by the Commission as fulfilled, and
Member States have reported an additional 21% as completed.
However, while substantial progress has been made and many success stories have
materialised on the ground, implementation needs to be accelerated in most Member
States.
Some EUR 335 billion remain to be disbursed in the next year and a half (roughly
EUR 154 billion in grants and EUR 180 billion in loans). Looking ahead, more than 4,300
milestones and targets (out of 7,105) still need to be submitted for assessment by Member
States.
From the outset, implementing all RRF-funded projects was going to be a challenge,
given the size of RRF funding relative to both the size of the economy in major
recipient countries and the amount of existing EU funding.
RRF funds have also come
in addition to other EU funds, and the RRF allocation represents a significant share of GDP
in many Member States, reaching 16% for Greece, 13% for Croatia and 11% for Spain (
12
).
While administrative capacity has been enhanced in many Member States throughout the
lifetime of the RRF, including through measures contained in the plans, some constraints
(
8
) See the
thematic analyses
published on the RRF scoreboard to read more about the measures supported
by the RRF in many different policy areas.
(
9
) This categorisation builds on the NACE code classification and follows an economic sector perspective.
More details on the methodology can be found in the corresponding discussion paper:
Michels et al.
(2025). Economic Impacts of the Recovery and Resilience Facility: New Insights at Sectoral Level and
the Case of Germany,
Discussion Paper 221,
DG ECFIN.
(
10
) Mid-term evaluation of the Recovery and Resilience Facility (RRF), 2024
(
11
) Out of the total loan support currently committed (EUR 291 billion), EUR 125 billion (or 43%) was
requested and committed only during the RRPs’ revisions in 2023. Accordingly, their related milestones,
targets and payments have been set mainly for the second half of the RRF period.
(
12
) Calculated as share of 2024 GDP. Most beneficiary Member States recovered strongly after the COVID-
19 crisis, including thanks to the RRF. This reduced the 2024 GDP shares compared to the allocations
in terms of 2020 GDP, the reference year when the RRF was set up in 2021.
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remain (for example, in the area of permitting, where bottlenecks should be swiftly
addressed). In addition, identifying specific investment projects takes time.
The implementation of the RRF has also taken place amidst several crises.
Russia’s
unprovoked war of aggression against Ukraine and the ensuing energy crisis, high
inflation, supply chain bottlenecks and some climate-related disasters have compromised
or delayed the implementation of RRF measures. The addition of REPowerEU chapters to
most RRPs in the second half of 2023, together with requests for additional RRF loans,
provided fresh funding for new priority measures, but also consumed significant
administrative capacity in the Member States temporarily diverting the focus away from
implementation. While implementation significantly accelerated in the first half of
2024 (
13
), which helped catch up on disbursements, the amount of funding to be disbursed
until end-2026 remains substantial.
Administrative burden might also have affected the speed of implementation of the
RRF.
In the RRF mid-term evaluation, Member States considered that the Council
implementing decisions were too detailed. The legally binding character of each element
contained therein, including in the description of the measure, has been reinforced by a
literal interpretation by the European Court of Auditors. In the view of some Member
States, this has led to a higher-than-expected administrative burden in implementing the
Facility and implementation delays.
Implementation delays are reflected in the recent slowdown in disbursements.
Despite
improvements between the second half of 2023 and 2024, the first half of 2025 has seen a
marked slowdown in disbursements. While EUR 66 billion had been disbursed in the
second half of 2024, only EUR 9.5 billion have been disbursed in the first five months of
2025, at a time when a further acceleration would have been necessary in view of the fast-
approaching 2026 deadlines.
To fully implement the RRF and reap its benefits, a significant acceleration in
implementation by the Member States is needed.
The current pace of implementation
is not sufficient to ensure the completion of all milestones and targets by August 2026 and
the disbursement of the full RRF allocation by the end of the Facility in 2026.
2.2. Delays in implementation result in costs for the European Union
Implementation delays have compounded an already backloaded implementation
profile with a financial cost for the EU budget.
Due to the large amounts of funding
needed for the final year of implementation, the Commission needs to plan its borrowing
operations from the capital markets well in advance. This is particularly relevant for the
RRF borrowing, due to the significant volume of the programme and the deadline for
disbursements by end-2026. Since the launch of the Facility, the Commission has
borrowed funds for the RRF based on the envisaged schedule of Member States’ payment
requests over a 6 to 12 months horizon and has succeeded in releasing funds to them
immediately after the disbursements were authorised. However, payment requests have
frequently been submitted and completed with delays compared to the planned schedule,
notably when Member States have submitted targeted revisions of their RRPs
simultaneously.
(
13
) cf.
Annual Report
on the implementation of the Recovery and Resilience Facility, 2024
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The first half of 2025 has seen two developments that make the liquidity management
exercise more challenging.
First, as mentioned above, disbursements have fallen
significantly below the amounts forecasted based on indications by Member States,
resulting in an unexpected accumulation of large balances by the EU for a protracted period
of time. Second, changes in the interest rate environment mean that cash balances are
starting to generate net liquidity costs for the EU budget and loan beneficiaries, despite the
Commission’s active treasury management of liquidity pending the approval of
disbursements. Given the concentration of expected disbursements in the final phase of the
RRF, the Commission will continue to use all funding opportunities to ensure that it can
continue to make payments as required.
2.3. Planning for the closure of the RRF
The RRF is subject to strict implementation deadlines, in line with its nature as
temporary support instrument set up in response to the COVID-19 crisis.
As a
dedicated instrument designed to tackle the adverse effects and consequences of the
COVID-19 crisis in the Union, supported by the extraordinary and temporary additional
means in the Own Resources Decision (
14
), the RRF was created with very strict time limits
that are set out in the EURI Regulation (
15
), in the RRF Regulation (
16
), and in the Own
Resources Decision and cannot be derogated from.
Member States have 454 days left to deliver on the reforms and investments included
in their RRPs.
The RRF Regulation and the adopted Council implementing decisions
provide that all milestones and targets for the implementation of reforms and investments
must be completed by 31 August 2026 (
17
). In line with those provisions, any action taken
after 31 August 2026 to fulfil milestones and targets cannot be taken into consideration in
the assessment of payment requests. This also applies to actions taken to ensure the
satisfactory fulfilment of milestones and targets covered by suspension decisions adopted
before 31 August 2026 and prevents the initiation of new suspension procedures after that
date. Furthermore, this means that there is no scope for adopting amendments of RRPs
after 31 August 2026. All payment requests, including the management declarations, the
summaries of audits carried out (
18
), and all evidence necessary for their assessment, must
be submitted by 30 September 2026 (
19
). The Commission will then assess the satisfactory
fulfilment of milestones and targets included in the last payment requests in line with the
(
14
) Council Decision (EU, Euratom) 2020/2053 of 14 December 2020 on the system of own resources of
the European Union and repealing Decision 2014/335/EU, Euratom, OJ L 424, 15.12.2020,
ELI:
http://data.europa.eu/eli/dec/2020/2053/oj
(
15
) Council Regulation (EU) 2020/2094 of 14 December 2020 establishing a European Union Recovery
Instrument to support the recovery in the aftermath of the COVID-19 crisis, OJ L 433I, 22/12/2020,
ELI:
http://data.europa.eu/eli/reg/2020/2094/oj
(
16
) Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021
establishing the Recovery and Resilience Facility, OJ L 57, 18.2.2021, ELI:
http://data.europa.eu/eli/reg/2021/241/oj
(
17
) Articles 18 and 20 of the RRF Regulation and Article 2(4) of the respective Council Implementing
Decisions
(
18
) In line with Article 22(c) of the RRF Regulation
(
19
) Article 6 of the RRF Financing Agreements and Article 7 of the RRF Loan Agreements
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Framework for assessing milestones and targets under the RRF Regulation published on
21 February 2023 (
20
). All payments must be made by 31 December 2026 (
21
).
Figure 3: Timeline of the RRF closure
3.
G
UIDANCE FOR
M
EMBER
S
TATES TOWARDS
2026
Given the implementation delays and the upcoming 2026 deadlines under the RRF, this
section provides guidance to Member States on how to further streamline their RRPs,
which options to consider when revising them, and how to plan ahead for the submission
of the last payment requests in 2026 (
22
).
All revised RRPs must continue complying with all assessment criteria laid down in the
RRF Regulation. This is to ensure that the plans continue supporting Member States in
addressing their specific needs, that at least the funds required under the RRF Regulation
are allocated to the green and digital transition, that the do-no-significant-harm principle
is adhered by, and that the financial interests of the Union are protected. In this context,
Member States should also review the implementation state of their projects with a positive
climate coefficient and ensure that their reporting to the Commission is up to date (
23
).
3.1. Streamlining RRPs
Member States should comprehensively review their RRPs as soon as possible to
ensure all milestones and targets can be implemented by the 31 August 2026 deadline.
Only measures that are certain to be fully implemented by this deadline should remain in
(
20
) Annex I to the Communication from the Commission to the European Parliament and the Council
Recovery and Resilience Facility: Two years on A unique instrument at the heart of the EU’s green and
digital transformation, COM(2023) 99 final, 21 February 2023
(
21
) Article 24 of the RRF Regulation,
see
also Article 3(9) of Council Regulation (EU) 2020/2094 of 14
December 2020 establishing a European Union Recovery Instrument to support the recovery in the
aftermath of the COVID-19 crisis and the exceptions mentioned therein
(
22
) The guidance in this section will be complemented with additional technical guidance for Member States
on the ‘closure’ of the RRF. In preparing for the end of the RRF, the Commission will provide detailed
guidance on all operational aspects linked to the closure of the Facility, including on clearing of pre-
financing, reporting and the protection of the financial interests of the Union.
(
23
) The reporting on the implementation of these measures is lagging behind. Given that the Commission
relies on data on the reported green expenditure from Member States for the issuance of
NextGenerationEU Green Bonds, Member States should swiftly report on relevant expenditure incurred
and ensure timely reporting going forward.
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the plans. Measures for which this cannot be guaranteed should be removed to avoid the
decommitment of large amounts of RRF funds. Priority should be given to securing the
grants allocation. To leave sufficient time for the implementation of all milestones and
targets and the assessment of all payment requests, the Commission urges Member States
to undertake such plan revisions as soon as possible and, in any event, by the end of 2025.
Failure to carry out such revisions will lead to increased risks of non-implementation of
RRF measures and thus decommitment of funds under the RRF.
These last plan revisions should also be used to review the wording of measures,
milestones and targets to ensure that they focus on essential elements only.
The goal
should be to facilitate the implementation and assessment of the implementation of the
RRPs, and reduce administrative burden, while preserving the ambition of the plan and
continuing complying with the requirements of the RRF Regulation. First, following
Member States’ requests, the Commission will propose to the Council to remove from the
Council implementing decisions any ambiguous or unclear language, or any specification
that exceeds the requirements needed to demonstrate fulfilment of a measure. Second,
Member States should reconsider the inclusion in their RRPs of minor reforms which do
not contribute to addressing CSRs. Third, given the fast-approaching deadline for the
completion of measures, where appropriate, intermediary milestones and targets should be
removed to focus on final outputs. Fourth, where possible, Member States are encouraged
to amend their plans to advance any already achieved milestones and targets to payment
requests in 2025 in order to reduce the size of payment requests in 2026. When
streamlining their RRPs, Member States should ensure that all RRF assessment criteria
continue to be met, including that the plans continue addressing all or a significant subset
of relevant CSRs, allocate sufficient funds to the green and digital transition, respect the
do-no-significant-harm principle and ensure the protection of the financial interests of the
Union, as reflected, where relevant, in audit and control milestones. The ambition of rule
of law reforms should be maintained. The Commission will work together with Member
States to help in this streamlining exercise, with a view to ensuring equal treatment and
consistency across plans. The Commission will discuss with the Member States bilaterally
and multilaterally and will provide concrete examples on how to streamline and simplify,
and discuss whether further options may be pursued by the Member States, beyond those
listed below, in particular contributing to well identified projects serving digital priorities,
such as artificial intelligence (GigaFactories, AIFactories), cables and chips, as well as to
research and innovation priorities.
3.2. Possible options when amending RRPs
When amending their RRPs, Member States are encouraged to explore all available options
to safeguard their RRP allocation, in particular for the non-repayable support component,
while ensuring that the supported reforms and investments continue to deliver a high level
of performance in line with the EU priorities. New investments should be easily shown to
be compliant with the relevant legal requirements. To this end, the following options can
be considered:
•
Scaling up existing measures
Member States should consider the possibility to scale up measures where implementation
is going well, based on proven or likely demand. This could include investments for which
delivery could be increased or measures with an already established overperformance.
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•
Cutting down oversubscribed plans or downscaling the loan envelope
In case the total estimated costs of the RRP are higher than the financial allocation,
measures supported by RRF non-repayable support that are no longer implementable can
be removed without being replaced, for an amount up to the oversubscription. In this case,
the total non-repayable support under the RRF will remain unaffected.
For Member States receiving loan support under the RRF, if grant-funded projects need to
be removed, loan-funded measures can be moved to the non-repayable support
compartment. This would allow to safeguard the grant amount, while reducing part of the
loan support, unless compensated by new or upscaled loan-funded measures.
Additionally, many RRF investments financed by loans are demand-based and may not
receive as much demand as originally intended. These measures can thus be downscaled
to match the effective demand and take up only the loan amount that is needed.
•
Splitting RRF projects for continuation with national or other EU funds
Projects that are no longer achievable by August 2026 can be downscaled to only retain
the elements to be financed under the RRF that can be implemented within this timeframe.
The part that remains financed under the RRF should constitute a standalone investment
in the RRP. This means that the ‘retained’ elements should not be limited to intermediary
steps such as the launch of a call for tender. The rest of the project could then be
implemented by national or, if eligible, other EU funds, on a longer timeline. The recent
mid-term review of cohesion policy also encourages Member States to identify such RRF
projects ahead of the amendments of the cohesion policy programmes (
24
).
•
Financial instruments and grant schemes
The RRF can support establishing an independently managed instrument to incentivise
private investment. Under such investments, the milestones in the RRP would cover (i) the
transfer of funds to the implementing partner upon signature of an implementing agreement
and (ii) the signature of contracts with the final beneficiaries for the use of the totality of
the funds transferred. To introduce such a financial instrument or grant scheme, Member
States should determine the market failure they seek to address and the related market
demand, ensure that award decisions by the implementing partner are independent from
the government and that the financial management is separate from the Member State, as
well as examine the implementing partner’s operational capacity to roll out such an
instrument.
•
Transfers to InvestEU
Member States can transfer funds to the InvestEU Member State Compartment for an
amount up to 4% of their total RRF allocation and an additional 6% for measures
contributing to the Strategic Technologies for Europe Platform (STEP) objectives. The
final milestone in the RRP would be the approval of all investment operations by the
InvestEU Investment Committee by 31 August 2026. Given the various steps of the
process, Member States seeking to transfer RRF funds to InvestEU must submit a revised
RRP as soon as possible.
(
24
) See
communication-mid-term-review-2025_en.pdf
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•
Equity injections in National Promotional Banks and Institutions (NPBIs)
The RRF can support capital injections into NPBIs (or their subsidiaries), in particular to
support projects in line with EU strategic priorities, to the extent that those address
identified market needs and provided that the NPBI has capacity to expand its activity and
that its investment policy is aligned with the policy objectives of the RRF. The specific
milestones for such equity injection would be: (i) the subscription of all additional paid-in
capital by the Member State, (ii) the adoption of a revised investment policy of the NPBI
on how the increased equity will be utilised, and (iii) where needed, the entry into force of
all the necessary changes to the governance as well as audit and control framework of the
institution. Such an equity injection can involve broadening the mandate of the NPBI to
activities aligned with the objectives of the RRF and EU priorities, such as industrial
decarbonisation, energy transition, affordable housing, access to capital or security and
defence.
•
Contributions to the European Defence Industry Programme (EDIP)
The RRF could support voluntary national contributions to the future European Defence
Industry Programme (EDIP). The contribution to EDIP in such a case would be considered
an RRF investment. Specific projects would subsequently be selected and supported under
EDIP, for the benefit of the Member State concerned, with implementation occurring over
a longer time horizon. The RRF measure would include a milestone on the signature of a
contribution agreement and the transfer of funds to EDIP and would clarify what type of
activities under EDIP would be funded. For this option to work, a provision in the EDIP
Regulation will need to ensure that RRF-supported voluntary contributions are used for
the benefit of the Member State concerned. The Commission invites the co-legislators to
introduce such a provision in the EDIP Regulation during the trilogues.
•
Contributions to EU programmes for satellite communications
The RRF can support contributions by Member States to the development of components
of the Union Space Programme or of the Union Secure Connectivity Programme (
25
). Such
contributions would be considered an RRF investment. The Union Space and Secure
Connectivity programmes enhance the Union’s strategic autonomy, technological non-
dependence and resilience, and contribute to security and defence. In particular, the Union
Secure Connectivity Programme also aims to provide reliable, secured and cost-efficient
governmental satellite connectivity. These programmes underpin EU secure satellite
projects such as Galileo (satellite navigation), GOVSATCOM or IRIS² (satellite
communication). Under the RRF, Member States can make voluntary contributions to such
programmes, where the contribution agreement between the Commission and the Member
State would warrant that the Member State’s contribution will be used under these
programmes for the benefit of the Member State concerned. The RRF measure would
include a milestone on the signature of a contribution agreement and the transfer of funds
to the programme in question.
3.3. Prepare for 2026 payment requests
2026 will be a crucial year for payments, with short timelines and a substantial impact
on resources for both Member States and the Commission.
As the deadline for
(
25
) Regulation (EU) 2023/588 of the European Parliament and of the Council of 15 March 2023 establishing
the Union Secure Connectivity Programme for the period 2023-2027
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submitting the last payment request is 30 September 2026, with disbursement by 31
December 2026, the assessment period will be extremely short. Combining this with the
likely high number of milestones and targets to be assessed, it will be crucial to ensure an
effective and smooth assessment process.
Member States are encouraged to plan ahead and ensure the robustness of the
evidence provided in due time, to limit issues arising during the assessment.
The
adoption of payment decisions within the deadline will only be possible if Member States
submit sufficiently complete payment requests. Failure to provide evidence showing the
fulfilment of all requirements of milestones and targets will inevitably result in
decommitments of funds. All the necessary evidence to demonstrate the satisfactory
fulfilment of milestones and targets that are part of the last payment request will have to
be provided by 30 September 2026, as there will be extremely little time for exchanges
between the Commission services and Member States authorities during the assessment
period of the last payment requests. In that context, evidence should be informally shared
with the Commission services as soon as ready, even before the formal submission of
payment requests. This is particularly relevant in the case of milestones and targets that are
assessed via sampling, where experience has proven that several exchanges between the
Member State and the Commission are needed to establish satisfactory fulfilment.
Member States and the Commission should also ensure that sufficient resources are
allocated to processing the submission of the last payment requests.
In most Member
States, the number of milestones and targets to be processed in 2026 will be considerably
higher than in any previous year. Given these exceptional circumstances, the Commission
services working on the RRF and on the Technical Support Instrument (TSI) are joining
forces to ensure that sufficient resources are available to process the last RRF payment
requests. Member States are encouraged to adjust their resources as necessary and possible
to ensure they have the administrative capacity to pave the way for a successful
implementation of their RRPs in line with the legal deadlines. The Commission will
continue to closely accompany Member States in all steps to implement their RRPs and
submit the relevant payment requests.
4.
C
ONCLUSION
With the RRF, the EU has taken an unprecedented and effective step in collectively
strengthening the recovery, resilience and competitiveness of its economy and society
in response to the COVID-19 pandemic.
Faced with one of the worst crises in its history,
the EU bounced back quickly while investing in a more sustainable and prosperous future
for its citizens and businesses. Over the past four years, much has been accomplished
despite a war on the continent and unexpected energy and trade shocks. Member States
have implemented ambitious structural reforms, covering justice and pension systems as
well as labour markets, public procurement and many other sectors. Thanks to RRF-
supported investments, the EU’s energy supply is cleaner and safer, the public transport
network is stronger and more effective, citizens benefit from better public services and
infrastructure, businesses are more digitalised and competitive, and benefit from a more
skilled labour force.
To allow the RRF to deliver its full potential, all efforts are now needed to accelerate
implementation and ensure full disbursement of all committed resources.
All Member
States are encouraged to engage in a systematic review of their RRPs to streamline and
simplify them, while ensuring that they continue complying with all assessment criteria
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laid down in the RRF Regulation. As implementation accelerates, intergenerational
fairness remains at the core of NextGenerationEU.
From the onset, the RRF was set up as a temporary instrument ending in 2026.
As
the end of the instrument is now within sight, the Commission stands ready to work with
Member States to ensure a smooth and successful closure of the instrument. With 454 days
left for implementation, the time to act and deliver is now.
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