Economic outlook quarterly_graphs_June 2025 – V2_Fig 10 – NGEU

Next Generation EU (NGEU)

Next Generation EU (NGEU)

As of 13 June 2025, payments under NGEU and its centrepiece – the RRF – total €387.4 billion. Since March 2025, disbursements to 10 countries (BE, DK, EE, EL, FR, CY, LV, NL, RO, FI) have increased RRF payments by €10.8 billion, bringing the share of milestones and targets assessed as achieved by the Commission to 32 %. Member States have reported a further 21 % as completed. For all recovery plans (except France’s, whose implementation is the most advanced), between 43 % and 100 % of the milestones and targets are still to be assessed. This suggests that further efforts – in some cases significant – are needed to implement the plans fully by the August 2026 deadline. In the 2025 European Semester, the Commission has proposed three types of country-specific recommendations (CSRs) on the RRF: 1) 12 countries with a plan representing less than 3 % of GDP (but varying in terms of progress) are encouraged to ensure effective implementation; 2) 12 countries with a plan worth more than 3 % of GDP are encouraged to accelerate implementation; and 3) the remaining three Member States, with a sizeable plan compared to their GDP, are invited to accelerate implementation urgently, due to over 85 % of milestones and targets still needing to be achieved. In June 2025, the European Parliament urged the Commission to speed up assessments of payment requests, and Member States to speed up implementation by prioritising mature projects and addressing administrative bottlenecks. The Commission has provided further guidance to Member States on how to streamline their plans.


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