The Commission has presented an amended proposal for an Interinstitutional Agreement between the European Parliament, the Council and the Commission on budgetary discipline, cooperation in budgetary matters and sound financial management in the light of the economic consequences of the COVID-19 outbreak.
The proposed amendments concern the following points:
Special Instrument “Solidarity and Emergency Aid Reserve”
The “Emergency Aid Reserve” shall be renamed the “Solidarity and Emergency Aid Reserve”. When the Commission considers that the Emergency Aid Reserve needs to be called on, it shall present to the European Parliament and the Council a proposal for a transfer from the Reserve to the corresponding budgetary lines in accordance withthe Financial Regulation.
New “European Recovery Instrument”
The amendments provide for transparent information to the budgetary authority on the implementation of the European Recovery Instrument. It is proposed to introduce a new paragraph in the Interinstitutional Agreement whereby the Commission shall provide the European Parliament and the Council with an annual report on the European Union Recovery Instrument. This report shall contain information on:
- the assets and liabilities arising from borrowing and lending operations carried out under the instrument;
- the aggregate volume of proceeds assigned to EU programmes in the previous year;
- the contribution of these amounts to the achievement of the objectives of the programmes concerned.