For the first time, common European debt will finance a post-pandemic recovery program for EU countries with 750 billion euros.
Italy will operate through the PNRR (National Recovery and Resilience Plan), a vast program of reforms - including Public Administration, Justice, Simplification of Legislation, Competition, Taxation - accompanied by adequate investments.
The European intervention plan was called "Next Generation EU" (NGEU), often referred to by the media as the "Recovery Fund". The resources of the NGEU will finance the intervention plans of each member country. The Italian PNRR, presented to the Commission on 30 April 2021, was approved on 22 June with a rating of ten "A" and one "B". After the adoption by the European Council, Italy is entitled to an advance of 13% of the resources allocated to our country.
For Italy - the first beneficiary in absolute terms of the Recovery Fund - the available resources provided by the NGEU in its Recovery and Resilience Facility (RRF) are equal to 191.5 billion: the non-repayable grants amount to 68.90 billion (36%), the repayable loans to 122.6 billion (64%). The overall allocation of the PNRR is 235.14 billion, because to the 191.50 are added 30.64 billion of national resources and 13 billion of the ReactEU Programme, the Recovery Assistance Package for cohesion and the territories of Europe.
"I am sure that we will be able to implement this Plan. I am sure that honesty, intelligence, and a taste for the future will prevail over corruption, stupidity, and vested interests"
M.Draghi, April 2021
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