The EU is adopting and promoting several initiatives to help member countries face the post-pandemic era; among these, the Recovery and Resilience Facility is one of the most notable. It is a programme of large-scale financial support that will help EU countries’ economies to be better prepared for the future.
The Facility is part of a broader emergency European Recovery Instrument, Next Generation EU, which will enable the EU to temporarily raise its budget on the financial markets. It will include up to €310 billion in grants and up to €250 billion in loans to be destined to investments or reforms in several fields, namely: green transition, digital transformation, economic cohesion, productivity and competitiveness, social and territorial cohesion, health, economic, social and institutional resilience, and policies for the next generation.
Recovery and resilience plans prepared by member countries will be evaluated by the European Commission, and funding will be granted upon fulfilments of specific, transparent targets.
Following the definition given by the European Commission and available in IATE, the Recovery and Resilience Facility is a “financial support mechanism proposed in response to the economic impact of the COVID-19 pandemic to support investments and reforms to make EU economies more resilient, mitigate the economic and social impact of the crisis and support recovery, while fostering green and digital transitions”.
The term has official equivalents in all EU languages, and it is closely related to other two concepts, also available in IATE: ‘Recovery and Resilience Task Force’, and ‘recovery and resilience plan’.
IATE goes AUDIO provides short audio clips in different languages explaining IATE Terms of the Week in a clear and concise manner. The aim of this initiative is to make IATE terminology accessible to a wider audience.
This week, you can tune in to another IATE goes Audio feature: click below to listen to ‘Recovery and Resilience’ explained in English.
European Commission. 2021. Recovery and Resilience Facility | European Commission. [ONLINE]
Available at: https://ec.europa.eu/info/business-economy-euro/recovery-coronavirus/recovery-and-resilience-facility_en.
[Accessed 17 February 2021].
European Commission. 2021. Press corner | European Commission. [ONLINE]
Available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_481. [Accessed 17 February 2021].
European Union. 2021. Recovery and Resilience Facility [ONLINE]
Available at: https://ec.europa.eu/info/sites/info/files/2020mff_covid_recovery_factsheet.pdf.
[Accessed 17 February 2021].
Written by Marina Niceforo. She graduated in Foreign Languages, Literatures and Cultures from the University of Naples “L’Orientale”, and she holds a PhD in “European Languages and Specialized Terminology” from the University of Naples “Parthenope”.