ence Facility, which will see the Member States that have been affected particularly severely by the crisis receive transfers and loans to help them get back on their feet. 12 However, this facility has another purpose as well – to help strengthen Member States’ resilience, by which I mean their ability to cope with shocks.
Resilience depends on multiple factors, such as labour market flexibility, the effectiveness of public administration, financial system stability and the state of public finances. To boost the resilience and competitiveness of economies, it is crucial that assistance from the Recovery and Resilience Facility is flanked by reforms. Responsibility for reviewing reforms will lie primarily with the European Commission.