The European Union’s recent agreement to issue joint debt to support post-pandemic economic recovery represents an unprecedented step toward deeper integration. But the success of the effort will depend on how the financial relief is allocated and monitored.
BRUSSELS – The European Union’s post-pandemic recovery plan represents a historic opportunity – as well as a major risk. After intense negotiations, the EU agreed to issue joint debt – for the first time ever – to finance the Recovery and Resilience Facility, a common fund that will provide grants and loans to EU member states to green the economy, digitalize our public administrations, and reform the bloc’s sluggish economies. But, for all the praise the new fund deserves, its success will be judged by its outcome.
BRUSSELS – The European Union’s post-pandemic recovery plan represents a historic opportunity – as well as a major risk. After intense negotiations, the EU agreed to issue joint debt – for the first time ever – to finance the Recovery and Resilience Facility, a common fund that will provide grants and loans to EU member states to green the economy, digitalize our public administrations, and reform the bloc’s sluggish economies. But, for all the praise the new fund deserves, its success will be judged by its outcome.