Vote on Own Resources: MEPs clear way for COVID-19 recovery plan

Bruxelles. MEPs accelerate the procedure that will enable the EU to borrow €750 billion for the “Next Generation EU” recovery plan.MEPs have fast-tracked and voted already during the September plenary session on their legislative opinion on the Own Resources Decision (ORD). This removes an important barrier and speeds up the procedure to implement the key EU law to restart the economy, allowing the Commission to raise €750 billion on the markets for the recovery fund.
Wednesday’s vote makes it possible for the Council of the EU to swiftly adopt the ORD and start the ratification process in 27 EU countries – so that the recovery plan can be launched as soon as possible.In its opinion, adopted on Wednesday by 455 votes in favour, 146 against and 88 abstentions, Parliament upholds its position on the need to introduce new sources of revenue to the EU budget that should at least cover the costs related to the recovery plan.Parliament requests a legally binding calendar to introduce these new own resources. Financing the recovery must be sustainable through the introduction e.g. of taxes on transnational polluters and multinational corporations and not become a burden for the next generation, Parliament insists.