This week, the European Parliament finalised the technical work for the introduction of new Own Resources to the European budget, resources which will contribute to the financing of the 1.8 trillion euros recovery plan. These new resources are a tax on non-recyclable plastic packaging and a value-added tax (VAT), and will ensure that the bill for the recovery is not paid by European citizens.

The S&D Group is calling on national parliaments to ratify without delay the agreement on Own Resources. The European Commission can then move forward with the plan of borrowing money from the markets in order to assist member states in their recovery.

Elisabetta Gualmini MEP, S&D Group negotiator on the file, said:

“Now, the national parliaments need to speed up the ratification procedures of the Own Resources Decision – still more than 10 member states have to conclude this fundamental process. We need to underline once more that the modification of the ceilings of the Own Resources will provide the European Commission with the financial capacity to create EU common debt and finance the 750 billion euros for the Next Generation EU recovery instrument. Therefore, there is no time for any delay: our citizens, companies and regions immediately need EU funds, resources and investments for a greener, more digital and more resilient society.”

Eider Gardiazabal MEP, S&D spokesperson on budget, said:

“We have fought so hard to have a proper multiannual budget and to be able to finance the recovery plan European citizens need so badly, we cannot give up now. With today’s vote, we are one step closer to closing the circle. We are on the verge of a historic moment, when it is in the European Union’s power to have its own means of financing its recovery, its future. Implementing the Own Resources package is crucial now, in order to make sure that all member states, all Europeans, have access to the much-needed Recovery and Resilience Facility.”