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Romania's national recovery and resilience plan (NRRP) represents an ambitious agenda of reforms and investment aimed at mitigating the socioeconomic effects of the COVID-19, energy and cost-of-living crises. The amended plan 鈥� approved by the Council on 8 December 2023 鈥� amounts to 鈧�28.5 billion, or 12.8 % of the country's 2019 gross domestic product (GDP). This includes the Recovery and Resilience Facility (RRF) grants of 鈧�12.1 billion (cut by 14.9 % following the June 2022 revision of the allocation ...

Under the Recovery and Resilience Facility (RRF), Hungary was allocated 鈧�5.8 billion in the form of grants. This amount reflects the European Commission's revision applied in June 2022 to all EU Member States, as the initial Hungarian national recovery and resilience plan (NRRP) was only approved past that date, at the end of 2022. In August 2023, the country submitted a modified NRRP in order to make changes to several measures due to objective circumstances, and to include a new REPowerEU chapter ...

This paper covers possible defence financing and spending options under the European economic governance framework by reviewing the proposal for a ReArm Europe plan floated by the President of the Commission Ursula von der Leyen. The paper also analyses flexibilities under the EU budget, EIB and ESM financing while also assessing potential market challenges and public procurement. This paper has been updated with information from the European Commission's White Paper for European Defence Readiness ...

Ukraine is the second largest country on the European continent after Russia. Its oil, coal and gas reserves, as well as its geostrategic position, ensured its important role in energy trade, both during the Soviet Union and after its collapse. However, Russia's initial invasion of Ukraine (since 2014), followed by a full-scale war of aggression against the country, have had severe human and economic impacts. In the energy area, for example, Russia's strategy has been to weaponise (e.g. the occupation ...

The energy system is a cornerstone of the United States (US) economy and competitiveness. The country's energy mix in 2022 was well-diversified, consisting of two thirds natural gas and oil, with the rest almost equal proportions of coal, nuclear and renewables. By using its vast reserves in fossil fuels and applying new extraction technologies, the US has managed to increase its fossil fuel production significantly over the past 10 years and, since 2019, it has become a net energy exporter for the ...

In 1947, drawing on the lessons learnt from the global economic damage caused by trade protectionism and tariff wars prior to World War II, 23 countries, including the United States, initiated the General Agreement on Tariffs and Trade (GATT) as a platform for multilateral negotiations aimed at liberalising and boosting global trade. To this end, GATT members - and since 1995 the members of the then newly created World Trade Organization (WTO) - gradually reduced their import tariffs and tariff quotas ...

Once considered an issue of the past, conscription has increasingly made its way back onto European, EU and global policy agendas in recent years, mainly since Russia's invasion of Ukraine in 2022. As EU defence policy has steadily progressed, with new procurement initiatives and defence industry reinforcement, a parallel discussion on the EU's armed forces is evolving in the context of the EU's common security and defence policy (CSDP). Europe's civilian and military preparedness and readiness has ...

The European Union's defence industry requires a major increase in private investment due to the evolving geopolitical landscape. The emergence of new EU defence exchange-traded funds (ETFs) that hold shares in the underlying companies could encourage this investment and provide EU defence firms with dearly needed capital.

The first quarter of 2025 has been a very busy one for the European Council, with EU leaders having already convened three times before their regular March meeting 鈥� once for an informal retreat on defence on 3 February, in a video-conference on 26 February and then for a special European Council meeting on 6 March. The increasingly complex geopolitical situation, as well as the current strains on the transatlantic relationship, make the regular March meeting a crucial one. According to the Leaders ...

The repeated crises of recent years, including the COVID pandemic and the Russian war on Ukraine, have disrupted trade relations in many ways. Competition on global markets has become fiercer and the rules-based multilateral order established after World War II is increasingly challenged. The tariffs imposed by the new United States (US) administration are adding to the uncertainty. Trade in goods and services accounts for 22.4 % of EU GDP 鈥� the EU is the world's biggest trading bloc and top trading ...