The President of the Commission, Ursula von der Leyen, travels next Wednesday June 16 to Madrid to mark the approval of the investment and reform plan presented by Spain in exchange for 70,000 million European funds for reconstruction after the pandemic. The Spanish plan will be in the first batch of those that receive the green light from Brussels, along with Portugal, Greece, Denmark and Luxembourg, as confirmed by the spokesperson for the Community Executive, Dana Spinant.
The approval of the Spanish reform plan will foreseeably occur the same June 16 with a decision of the college of commissioners by written procedure, community sources assure EL ESPAÑOL. Von der Leyen will personally deliver his opinion to the Prime Minister, Pedro Sanchez, in Madrid.
“The president will present in Spain the results of our evaluation of the Spanish plan,” the spokeswoman assured. The president plans to make a capital tour as its reform plans get the go-ahead of the Community Executive. In addition to Spain, Portugal will also visit it on June 16. The next day he will travel to Greece and Denmark and on June 18 he will be in Luxembourg.
“Why is the President traveling to the Member States? Because it is very important. We are at the beginning of a extremely important procedure for Europe and for our recovery efforts“, explained Spinant. Apart from giving each country the marks of its examination, Von der Leyen plans to visit concrete projects financed with European funds and also insist that the reforms committed must be effectively put in place.
Advance of 9,000 million in July
Once the Community Executive put note of the Spanish plan, the last step will be its final approval by Ecofin, which could occur in the meeting scheduled for July 13.
The Government expects to receive in July a first tranche of aid worth 9,000 million euros, which would be the 13% advance provided for in the Next Generation fund regulations. By the end of the year, Sánchez intends to collect a second tranche of 17,000 million euros, but this money will already be conditional on the approval of the reforms committed to in the recovery plan.
The 27 member countries have parliamentary ratification of the rule that allows the Commission to issue debt has been completed joint European markets. In the coming days, the Community Executive plans to carry out the first placement through a syndicated auction, for which it has the collaboration of a network of banks in which Santander and BBVA are located.
With regard to the reform plans, those of Italy, France and Germany were left out of the first round of evaluation, despite the fact that the three countries sent them to Spain at the same time as Spain. Others 5 countries have asked the Commission to extend the review period because their plans are not ready yet and need more changes: Slovenia, Poland, Sweden, Croatia and Romania. Finally, there are 4 Member States that have not yet sent their reform plan: Malta, Bulgaria, the Netherlands and Estonia.