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foreign [Music] Chronicles this series will focus on the Next Generation EU recovery instrument the covid-19 pandemic left an indelible Mark throughout Europe and while we may no longer see lockdowns or masks everywhere on our continent the socioeconomic effects can still be felt for this reason the European Union did far more than secure vaccines the European commission rolled out 800 billion Euro in financial relief through what is known as the Next Generation EU recovery instrument we will delve into the details of this historic package with the head of the Next Generation EU monitoring service at the eprs Mr Alessandro del fonso hello Alessandro Hello nice to see you nice to meet you so let's start with the basics what is the next Generation EU recovery instrument Next Generation U is a tool to help member states emerge from the pandemic crisis stronger than before it finances ambitious plans of Investments and reforms that focus on structural challenges not only in the health sector where the pandemic crisis started but also in other policy areas that are crucial for the residents of our economies and societies green energy the digital transformation sustainable Mobility education gender equality are just a few examples that show the broad and forward-looking nature of Next Generation you indeed sounds very Broad and very ambitious can you tell us a little more about how this is a milestone compared to former Financial relief packages Next Generation you and its main investment tool they recovery and resilience facility are indeed unprecedented instruments in the history of the European Union for the first time the European Union is jointly borrowing on financial markets on a very large scale up to 800 billion euros to finance a strategic Investments and reforms in its member states another Innovative feature concerns the payments that are not linked to the verification of costs but to the achievement of concrete results how is this happening in practice what are the criteria to give member states this money resources were allocated on the basis of criteria such as population unemployment rate and drop in gross domestic product because of the pandemic the idea is that member states that were worst hit by the crisis will receive proportionally more in this sense it is about solidarity at the same time we should not forget that the investment and reforms in one member state also bring benefits to other member States since our economies are closely interlinked 800 billion euros a lot of money so I must ask can you tell us how this money will be paid back and by whom yes next Generation you provides two types of resources grants and Loans repayment will start as of 2028 and will take place over 30 years until 2058. member states that have requested loans will directly replace repay them the EU budget will repay the grants if the budget is to repay the grants does this not mean that there will be less money for our future budgets in general for other Investments to avoid such a risk the European Parliament is pushing for the introduction of the new eu-owned resources the aim is indeed to preserve the EU budgets capacity to finance a Strategic investment also in the future Strategic investment seems to be the word to describe this package can you tell us a little more about how these investments will vary from country to Country yes member states invest these significant resources through National Recovery and resilience plans and United in diversity is the motto of the European Union and this motto feeds the plants well there are common objectives to be achieved in six areas of European interest and some of these have also compulsory investment targets notably the green transition at least 37 percent of overall resources and the digital transformation at least 20 percent of overall resources at the same time the starting point is different from one member state to another and the recovery in Residence facility is flexible enough to enable member states to tailor make their plans to their specific needs in each of these areas could you give us some examples of how countries submitted tailor-made plans for example Bulgaria is the most energy intensive member state in the European Union and Bulgaria will devote almost half of its plan to energy measures Estonia has decided to allocate the one-third of its resources to strengthening its Health System including through the construction of a new hospital in Tallinn this will improve access to medical care for estonians in Austria more than half of the resources will go to the digital transformation through a wide range of measures including enhanced connectivity in rural areas the idea is that no one should be left behind I think no one being left behind is a good note to end this episode on thank you Alessandro thank you Kelly join us for an update on the implementation of the disbursement of funds from the recovery instrument in episode 2. foreign