Pierre Moscovici of the European Court of Auditors has labeled the European Union’s Recovery and Resilience Facility (RRF) a success. Established to counter the economic devastation of 2020, the fund has distributed €450 billion in grants and loans to member states since 2021. Moscovici noted that the initiative proved European nations could maintain solidarity through joint vaccine procurement and substantial financial aid during the height of the pandemic. The RRF is now entering its final phase of implementation.

Key facts

  • The RRF has provided €450 billion in loans and grants to EU members since 2021.
  • European Court of Auditors member Pierre Moscovici called the fund 'absolutely a success'.
  • The fund was a response to the 'annus horribilis' of 2020, which was characterized by lockdowns and social distancing.
  • The program is now entering its crucial final phase.

Why it matters

The RRF signifies a major moment of European solidarity and joint financial effort to stabilize the economy after the pandemic.

France 24

Source: France 24 English — Read original story