The President of the Republic, Marcelo Rebelo de Sousa, today ratified the increase in the European Union (EU) own resources and congratulated Portugal for being one of the Member States to do so, stressing the importance of this decision.
This ratification by the head of state was made public through a note on the Presidency of the Republic’s website, after the Portuguese parliament approved this European decision on Friday, without votes against, through a motion for a resolution presented by the Government .
“The President of the Republic today ratified Decision (EU, Euratom) 2020/2053, of the Council, of 14 December 2020, on the European Union’s own resources system, welcoming the fact that Portugal is one of the first Member States to do so ”, we read in the note released, which highlights the current context of the Portuguese presidency of the Council of the European Union.
On that note, Marcelo Rebelo de Sousa underlines “the importance of this amendment to the European Union’s Own Resources Decision”, which will allow the European Commission to finance the markets, with the guarantee of the Community budget and, therefore, in solidarity with all Member States, in order to put into practice the Recovery and Resilience Plan, which is essential for the realization of financial assistance to support us in getting out of the social and economic crisis that Covid-19 caused ”.
Increasing the European Union’s own resources is an essential step so that the European Commission can finance the 750 billion euros of the so-called “bazooka” of European support to face the consequences of the covid-19 pandemic.
On Friday, this European decision was approved by the Assembly of the Republic with votes in favor of PS, PSD and PAN and abstentions from the remaining seats.
The ratification of the decision on new own resources by all the parliaments of the 27 Member States is essential for the European Commission to go to the markets to finance the “Next Generation EU” recovery fund.
In the debate that preceded this voting vote, the Minister of Foreign Affairs, Augusto Santos Silva, stressed that “the sooner” Member States complete their ratification processes “the sooner companies and families will be entitled to the investments necessary to carry out the reforms”.
Portugal, who chairs the Council of the European Union during the first half of this year, intends that these processes of ratification of own resources “can be concluded this spring”, said the minister.
Endowed with 750 billion euros, this fund has as main instrument the European Recovery and Resilience Mechanism, which will allow the distribution of a total of 672.5 billion euros in grants and loans, from which Portugal will receive € 15.3 billion in grants, which Member States will only be able to access when their national investment plans are approved by the European Union.
In order to finance the fund with the issuance of debt by the European Commission, it is necessary to change European legislation on own resources, which requires a unanimous decision by all Member States in a process of national ratifications.