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Tag Archives: recovery fund

Keeping momentum on good governance

Transparency, human rights and good governance: a conversation with Katalin Cseh MEP By: The Sound of Economics Date: March 17, 2021 Topic: European Macroeconomics & Governance Pandemic aside, the past year has seen renewed discussions in Europe on transparency and good governance as the EU takes an unprecedented role in health policy and procurement and in the creation of common debt. As part of an ongoing effort to capture a wide range of views from the European Parliament,...

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From support to recovery: national fiscal policy in the wake of COVID-19

The EU has set ambitious goals for economic recovery: how these recovery funds are spent by member states will be critical to its success. A look into the European framework and the case of Italy. Across the Atlantic, EU member states have been discussing a recovery plan since last spring, striking an agreement over the summer to create a €750 billion pandemic recovery fund. Hard-pressed EU capitals must now submit detailed plans to Brussels to unlock their share of the cash and begin...

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COVID-19 could leave another generation of young people on the scrapheap

It is time that the highest political level focuses on the risk of a lost generation. By: Guntram B. Wolff Date: November 12, 2020 Topic: European Macroeconomics & Governance A decade ago, the global financial crisis left deep scars in terms of destroyed opportunities and unemployment for young people. In Europe in particular youth unemployment persisted. Now COVID-19 threatens to do the same thing to the under-25s. Yet, neither the leaders of France, Italy or Spain, nor the...

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European Union recovery funds: strings attached, but not tied up in knots

Ensuring effective recovery spending is a high-stakes challenge for the European Union, with the potential for derailment because of fuzzy objectives and overloaded procedures. The EU should work with member countries to identify limited policies that will maximise the impact of EU investment, while accounting for spillovers. By: Jean Pisani-Ferry Date: October 27, 2020 Topic: European Macroeconomics & Governance The European Union’s plan for aiding recovery in member states...

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Without good governance EU recovery could fail

Guntram Wolff and Luis Garicano discuss how to ensure that the EU borrowing mechanism would successfully boost economic recovery. By: The Sound of Economics Date: October 7, 2020 Topic: European Macroeconomics & Governance The European Union recovery fund could greatly increase the stability of the bloc and its monetary union. But the fund needs clearer objectives, sustainable growth criteria and close monitoring so that spending achieves its goals and is free of corruption....

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Common eurobonds should become Europe’s safe asset – but they don’t need to be green

The plan to fund the European Union’s recovery programme via debt issuance has raised hopes that a new type of euro-denominated safe asset could emerge. As a priority, the European Commission needs a strategy to create a liquid and transparent market in EU bonds. For now, funding through EU green bonds would complicate that effort. By: Alexander Lehmann Date: September 28, 2020 Topic: Finance & Financial Regulation To fund its future programmes, SURE (employment support, €100...

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Europe’s recovery gamble

Next Generation EU, was rightly hailed as a major breakthrough: never before had the EU borrowed to finance expenditures, let alone transfers to member states. But the programme and its Recovery and Resilience Facility amount to a high-risk gamble. By: Jean Pisani-Ferry Date: September 25, 2020 Topic: Finance & Financial Regulation This opinion post was originally published in Project Syndicate. To help their pandemic-hit economies recover, European Union leaders agreed in...

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Why has COVID-19 hit different European Union economies so differently?

All European Union countries are undergoing severe output losses as a consequence of COVID-19, but some have been hurt more than others. Factors potentially influencing the degree of economic contraction include the severity of lockdown measures, the structure of national economies, public indebtedness, and the quality of governance in different countries. With the exception of public indebtedness, we find all these factors are significant to varying degrees. By: André Sapir Date: September...

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Redefining European Union green bonds: from greening projects to greening policies

European Union green bonds, as promised by European Commission president Ursula von der Leyen, might be better linked to the bloc's achievement of its climate goals, rather than project-by-project green criteria. In her first State of the Union speech (16 September), European Commission President Ursula von der Leyen set a target of raising through green bonds 30% of the up to €750 billion that will be borrowed under the Next Generation EU recovery fund. Such large-scale EU green bonds...

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Without good governance, the EU borrowing mechanism to boost the recovery could fail

The European Union recovery fund could greatly increase the stability of the bloc and its monetary union. But the fund needs clearer objectives, sustainable growth criteria and close monitoring so that spending achieves its goals and is free of corruption. In finalising the fund, the EU should take the time to design a strong governance mechanism. By: Guntram B. Wolff Date: September 15, 2020 Topic: European Macroeconomics & Governance This opinion piece has previously been...

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