EU recovery package: Council adopts Recovery and Resilience Facility

On 18^th of February, the Regulation of the European Parliament and of the Council establishing the Recovery and Resilience Facility entered into force, following its signature on 12^th of February.

Cooperatives Europe welcomes EU’s recovery plan, which will make €672,5 billion in grants and loans available for public investment and reforms in the 27 member states to help them address the impact of the COVID-19 pandemic, foster the green and digital transitions and build resilient and inclusive societies.

As previously stated, the pandemic generated tremendous human and economic losses. Moreover, the economic impact for the European Union is important, notably on businesses like cooperatives. This is why we welcome Member States receiving support from the Facility on the basis of their national recovery and resilience plans, which are currently under preparation and which they will submit by the 30^th of April at the latest.

We also welcome the fact that the EU recovery plan requires reforms to promote entrepreneurship and the social economy, which includes cooperative enterprises as the main actors. With grants and loans soon available, Cooperatives Europe invites Member States to consider cooperatives and other social economy enterprises in their recovery plans in order to rebuild a resilient economy.