The European Commission has given the green light to Italy’s modified Pnrr. The plan is now worth €194.4 billion (€122.6 billion in loans and €71.8 billion in grants) and covers 66 reforms and 150 investments, seven more than the original plan. Italy’s new RePowerEu chapter consists of five new reforms, five advanced investments, building on existing measures and 12 new investments to achieve the plan’s goal of making Europe independent from Russian fossil fuels before 2030.
The Commission explained that the measures focus on strengthening the transmission of electricity distribution, energy security and accelerating energy production from renewable sources. There are also measures aimed at reducing energy demand, improving energy efficiency, creating and strengthening the skills necessary for the green transition, and promoting sustainable transport.
The revised Recovery and Resilience Plan includes 145 new or amended measures aimed at strengthening key reforms in areas such as justice, public procurement and competition law. A number of new or improved investments aim to increase Italy’s competitiveness and resilience, as well as promote the green and digital transition: covering sectors such as renewable energy, green supply chains and railways.
Melons: 21 billion more for growth
With the approval of the amended Pnrr, the government could allocate another 21 billion euros to economic growth, practically a second economic manoeuvre. This is, in general terms, what Giorgia Meloni said during the ongoing meeting with employers. The Prime Minister would say: “We worked on a budget law, at the same time we were aware that we were negotiating with the European Commission the revision of the Pnrr.” “In fact, our logic has always been to consider both as two parts of a single economic policy strategy: the need to ensure full complementarity between ordinary policies and Pnrr has always been the goal of this government”.
According to Meloni, “These resources are the result of the rearrangement of the plan for efficiency. Some projects that were not achievable or unsuitable have been modified, and some projects, especially those of local governments that are at risk of not being implemented on deadlines, will be canceled.” It is funded through other European and national programs rather than Pnrr, which has much stricter deadlines”.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
