The European Commission welcomed a recent vote by the European Parliament to increase the budget of the bloc’s Structural Reform Support Programme by €80 million, which will enable the EU to respond to increased demand from the 28 Member States by boosting its support for reforms over the next year.

The move will also allow the Commission to provide targeted technical support to countries that are full members of the European Union and who wish to adopt the euro as their national currency.

“Structural reforms are crucial to modernise our economies, encourage investment, generate jobs and raise living standards. Today’s vote on the strengthening of the Structural Reform Support Programme will enable us to increase the support we provide to the Member States to prepare, design and implement growth-enhancing reforms,” said Valdis Dombrovskis, the Commission’s Vice-President for the Euro and Social Dialogue, who also oversees the Financial Stability, Financial Services, and Capital Markets Union.

Brussels’ decision to strengthen the Structural Reform Support Programme is part of the European Commission’s package of proposals from December 2017 that aimed to deepen Europe’s Economic and Monetary Union. The Structural Reform Support Programme entered into force in May 2017 and currently has a budget of €142.8 million for the years 2017-2020.

The new agreement will bring the total budget of the Programme to €222.8 million for 2017-2020, with support provided by the Structural Reform Support Service that was created by the Commission in 2015 to help EU countries design and carry out structural reforms as part of their efforts to support job creation and sustainable growth.