European Commission 28 May 2020, Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a Recovery and Resilience Facility

EUROPEAN COMMISSION Brussels, 28.5.2020 COM(2020) 408 final 2020/0104(COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a Recovery and Resilience Facility EXPLANATORY MEMORANDUM 1.CONTEXT OF THE PROPOSAL •Reasons for and objectives of the proposal The outbreak of the COVID-19 pandemic has changed the economic outlook for the years to come in the Union.