The Commission has today adopted its second annual report on the implementation of the Recovery and Resilience Facility (RRF), the €800 billion reform and investment tool at the heart of NextGenerationEU. The report shows the progress made with the RRF to increase Member States' economic and social resilience and deliver on REPowerEU, the EU's response to the hardships and global energy market disruption caused by Russia's war of aggression against Ukraine.

It highlights the benefits from this unique performance-based instrument, where payment of EU funds is conditional on meeting agreed milestones and targets that respond to Member States' specific challenges and EU priorities. The report also shows that major headway has been made in terms of transparency and protection of the EU's financial interests. Member States and all relevant stakeholders, along with the European Parliament and Council, have worked closely together to achieve these results.