EU ministers to discuss the recovery of the EU economy

Ministers of the EU Member States responsible for the internal market and industry will hold an informal video conference on 12 June 2020 to discuss ways of promoting the recovery of the EU economy from the COVID-19 crisis. State Secretary Kimmo Tiilikainen will represent Finland at the meeting on behalf of Minister of Economic Affairs Mika Lintilä.

The main theme of the meeting will be the recovery plan announced by the European Commission on 27 May 2020. At the heart of the plan are the European growth strategy, Green Deal, and digitalisation. Ministers will discuss ways to support the rapid recovery of the economy and long-term sustainable growth.

“The EU economy is suffering, and for an export-dependent country like Finland it is important to ensure the vitality of our common market. Future solutions must be linked to the EU’s growth strategy and digital investments,” says State Secretary Tiilikainen.

Recovery plan strives for a low carbon, digital transition

The European Commission published its recovery plan, alongside the multiannual financial framework, on 27 May. The Commission is striving for a low carbon, digital transition and seeks to support companies to build a bridge beyond the crisis. The Commission emphasises that from the perspective of economic recovery, it is vital to ensure the effective functioning of the internal market.

The recovery plan proposed by the Commission amounts to EUR 1850 billion in total. The proposal consists of two parts:

• increasing the EU Multiannual Financial Framework to EUR 1,100 billion in 2021–2027, and
• introducing a new recovery instrument (Next Generation EU) totalling EUR 750 billion.

The decision on the recovery plan will be made at the European Council, but the plan will be discussed in all of the Councils.

Inquiries:

Nina Alatalo, Adviser to the Minister of Economic Affairs (EU Affairs), Ministry of Economic Affairs and Employment, tel. +358 29 504 7171
Venja Henningsen, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7195