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Recovery Fund, ratification of 27 countries completed

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The long-standing process of national ratification of the provision that will allow the European Commission to raise money on the markets to finance the new 750 billion euro Recovery Fund is now very close to completion. The process should end in the next few days to allow the EU executive to go to the markets possibly in June. The hypothesis is therefore strengthened that the first disbursements occur before the summer break.

According to the latest information gathered here in Brussels yesterday, 22 out of 27 member states of the European Union have completed ratification, and notified the approval of the EU institutions, as required by European rules. Five countries – Hungary, Holland, Romania and most recently Austria and Poland, the latter with a confused vote in the Senate in the evening – completed the parliamentary process; they now only have to notify their decision.

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With the complete and unanimous ratification of all 27, it will be possible for the European Commission to borrow on the financial markets. In a tweet, Budget Commissioner Johannes Hahn said he was “confident” that this could happen “already in June”. Many feared obstacles from colder member countries to the idea of ​​joint debt. Instead, in recent days, both the Netherlands and Finland have approved the measure.

“Once the ratification process is completed, the Commission will identify the best times to start the loan, taking into consideration market conditions as well as the issuance plans of our partners across the Union – explained the EU spokesperson last night. Balazs Ujvari -. Our goal is to reach a wide range of investors and achieve optimal pricing conditions. The right timing is essential to achieve this goal ».

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European Commission Vice President Valdis Dombrovskis said in Lisbon on Saturday he hoped to make the first disbursements “during the summer”. Beyond collecting the money, the Commission and the Council must also approve the national recovery plans: «We are working as quickly as possible. But these are complex analyzes (…) We will try to speed things up a bit. But it is worth remembering that the Council also needs a month for its evaluation ».

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