The choice of those sectors reflects the particular circumstances of the Recovery Plan and should not call into question the high priority attached to energy efficiency and the promotion of energy from renewable sources, which were addressed in the Recovery Plan.

1. Welcomes the Commission initiative to launch a European economic recovery plan (Recovery Plan) as a reaction to the serious ongoing economic downturn; notes, that the Community dimension of that proposal amounts to 15 % of the budget for the recovery programme, which still needs to be implemented urgently;

76. Stresses that some elements proposed in the Recovery Plan are too vaguely formulated; asks the Commission to supply the two branches of the budgetary authority without delay with all the detailed information they need to take a decision; also stresses that several elements included in the Recovery Plan require the modification of the existing multi-annual programmes; recalls, in this regard, that these changes must be made in full compliance with the powers of Parliament;

73. Considers that involvement of the European Investment Bank (EIB) is crucial and that a large share of lending referred to in the Recovery Plan is within its competence; welcomes the Member States' agreement on a capital increase for the EIB; recalls that some of the EIB interventions also require support from the EU budget, but that this is not currently provided for in the Recovery Plan; considers that this could be done either through blending grants and loans or in the form of equity or joint-risk sharing instruments such as the Risk Sharing Finance Facility ...[+++](RSFF) and the Loan Guarantee Instrument for Trans-European Transport Network projects (LGTT); in the latter case, the EIB could be requested to contribute with its own reserves, which would multiply the leverage effect; emphasises the EIB role in refinancing SMEs, commercial banks, including existing private-public partnership structures; recalls, in this respect, that there is a need to develop environmentally friendly funding criteria;

2. Stresses that the top priority of the Recovery Plan must be to stimulate the economy and competitiveness of the European Union in order to safeguard citizens' opportunities and security, and to avoid increased unemployment; considers that the Recovery Plan must reverse the economic decline by enabling financial markets to function properly again, facilitate investments, and improve opportunities for growth and jobs while strengthening the EU economy and labour market and improving the framework conditions for growth and the creation of jobs;

The full impact of the EERP will only become clear in the coming months, but the early signs are positive both in terms of the volume of the stimulus and the direction of reforms: Most Member States have now adopted or announced fiscal stimulus packages, meeting the overall target of 1.5% of the Union's GDP.