00:00Only the core of this next generation EU that we call Recovery and Resilience Fund, RRF acronym, is at current
00:14prices 800 bilions.
00:17But apart from the allowance, I think the framework is essential, first the methodology, the unprecedented decision to have a
00:37common debt or common purpose, which as you know was very improbable until a couple of years ago.
00:46And it was a decision historical in some way.
00:51I remember the quasi-cancelor, Olaf Scholz, calling it a Hamiltonian moment for the Union.
01:06I think the president of the European Council called it a Copernican revolution.
01:12I've heard some colleagues using the Rubiconian moment.
01:18So, well, indeed it was something quite new and unprecedented.
01:25Interesting in two ways.
01:27First, it is not only traditional funding, it is funding going especially to countries more affected by this pandemic or
01:45having previous economic difficulties.
01:47So, it is also very useful to reduce the risk of divergence and fragmentation in the single market.
01:55And second, it is money with conditionalities.
02:00But it is not only traditional funding.
02:00And the terms of the crisis, we will be using an existential network of the people, in most vulnerable ways.
02:00We will take the crisis.
02:00Grazie a tutti.
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