The EU Council economy and finance (Ecofin) approved the Recovery plan and resilience (Pnrr) dell’Italy, necessary step to receive the funds of the Next Generation EU. The ministers of the economy and finance of all EU countries gathered in the Council have given the green light to eleven other national plans, in addition to the Italian one: Austria, Belgium, Denmark, France, Germany, Greece, Latvia, Luxembourg, Portugal, Slovakia and Spain have obtained the approval to use EU funds for the realization of the projects they have submitted for the purpose of revive their economies e recover from the consequences of Covid-19. “This decision must be a source of pride for Italy” said the premier Mario Draghi at the opening of today’s meeting of the Council of Ministers (CDM).

As pointed out by the premier, the green light comes after that of European Commission communicated by the president Ursula von der Leyen during his visit to Rome a few weeks ago. So Italy will receive shortly approx 25 billion euros (in a single solution), “13% of the total resources destined for our country”. In total they are 191.5 and billions euros that will arrive in the next five years. If the green light of the European economy ministers was now taken for granted, it was not the absence of discussions on the merits of the plans which were instead all approved without comments from those present. “It was an unproblematic approval, there was no mention of any country, but there was a lot of emphasis on EU success and cooperation,” said the Minister of Economy Daniele Franco, satisfied with the outcome of the meeting. “We expect 25 billion in a few weeks“, A figure that” roughly finances everything we will be able to spend this year “, he added, explaining that the funds will not be assigned to specific projects, but will end up in the coffers of the Treasury which is already financing some of the interventions envisaged by the NRP.

It is still too early to say whether in September Italy will also ask for a second tranche of the funds (the rules allow two requests per year). The 25 billion will trigger reforms and investments that the Commission will evaluate step by step, to gradually unlock the other funds. For the EU Commissioner for the Economy Paolo Gentiloni, with nearly 200 billion to spend, Italy now has to demonstrate “a little bit of that spirit of cohesion that in these days we have all celebrated for the magnificent victory of the national team at Wembley ”. Because there is the possibility of “changing the future of our economy and we must do it with truly extraordinary rhythms and commitments”. Minister Franco also finds a parallel between the national team’s performance and the economic recovery: “These news, which do not have to do strictly with the economy, can trust the countryHe said.

Thanks to the approval of the national packages on the part of the Council, the Member States can conclude grant agreements e loan agreements which will allow for pre-financing up to 13% of the total amount. To break the news this morning, via social media, was the executive vice president of the European Commission, Valdis Dombrovskis. “EU funds may soon begin to flow, to finance reforms and investments. The focus now is to put them to good use quickly and properly, ”the vice president said.