Council confirms increased financial envelope

Brussels [ENA] On 18 July 2018, EU ambassadors confirmed the agreement reached between the Austrian presidency and the Parliament on 11 July to increase the budget of the structural reform support programme (SRSP).The SRSP was set up on 20 May 2017 to help member states implement structural reforms, with an initial budget of €142.8 million. On the basis of the political agreement reached with the Parliament,

the financial envelope dedicated to the programme will be increased by €80 million, reaching a total of €222,8 million. This budget is due to be supplemented by voluntary transfers estimated at €80 million. "The structural reform support programme has proved to be a great success, financing over 300 projects in 24 member states since it was set up. That is why we have decided to support more programmes and to increase the budget over the next two years." Quoted by: Hartwig Löger, minister of finance of Austria, currently holding the presidency of the Council

EU institutions also agreed that the SRSP could be used to support structural reforms as part of member states' preparations to join the euro area. This will complement the programme's initial objective of helping support the implementation of reforms aimed at sustaining growth in the context of EU economic governance, as well as own-initiative structural reforms. The text will now undergo legal and linguistic finalisation. The Parliament is expected to vote on the final text in September. Adoption by the Council and publication in the OJ should follow shortly after.